Iran's insurance regulator signs reinsurance agreement with Scor

Regulator Central Insurance of Iran signed an agreement with France-based reinsurer Scor S.E. in September for catastrophe excess of loss reinsurance coverage for Iran, Financial Tribune reported. Under the agreement, Iran-based Mellat Insurance Co. signed a contract with Scor for catastrophic losses up to a ceiling of €200 million ($237 million). Meanwhile, Masoud Karbasian, Iran's Minister of Economic Affairs and Finance said that privatization of local insurers including Asia Insurance Co., Alborz Insurance Co. and Dana Insurance Co. is needed to achieve the industry's potential in the country.

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