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Insurers eye Iran in wake of nuclear deal

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Middle East and Western insurance companies are taking a cautious look at an $8 billion Iranian insurance market in the wake of the county’s nuclear deal with world powers, reports Reuters.

According to a poll conducted by Reuters, eight out of 11 insurers and reinsurers said that Iran is an attractive or very attractive market, particularly in the energy and marine sectors.

Several insurers expect to venture the Iranian market by the end of 2016.

But some remain doubtful as the uncertainty over when and how sanctions might be lifted persists.

Both insurance and reinsurance have been majorly handled by domestic players since sanctions were imposed in Iran.

Iran will be subject to longer-term restrictions on its nuclear program in exchange of the removal of E.U., U.N. and U.S. sanctions, as per the accord reached in Vienna.

This deal will open the Iranian insurance market to global firms.

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