German, French companies set sights on Iran insurance market
An Iranian official says after the conclusion of the Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 group, European insurance companies have indicated their willingness to work with their Iranian counterparts.
Mina Sediq Nouhi, deputy head of Iran's Central Insurance Authority for reinsurance affairs, was quoted by IRNA as saying that insurance firms from Germany and France have already applied for cooperation with the Iranian insurance industry.
“According to the Joint Comprehensive Plan of Action, after removal of sanctions against Iran, European companies will be able to provide necessary insurance converge for the National Iranian Oil Company, as well as the Iranian vessels carrying liquefied petroleum gas (LPG), oil, gasoline, and petrochemical products,” she added.
The official stated that removal of sanctions will help Iran's insurance firms to go back to its past conditions, adding, “The contents of the JCPOA are such that they cover all aspects of sanctions against Iran's insurance industry.”
“Sanctions imposed by the P5+1 countries had made it impossible for European firms to provide Iran with insurance and reinsurance services, but the JCPOA will do away with those restrictions,” Nouhi said.
The official added that removal of sanctions will also enable European firms to provide insurance coverage for raw materials and other commodities transferred by Iranian transportation system.
On July 14, Iran and the P5+1 group of countries – the US, the UK, Germany, France, China, and Russia – reached the conclusion of negotiations over Tehran’s civilian nuclear program, with the Islamic Republic and the sextet sealing an agreement.
Based on the agreement, Iran and the six powers agreed that all economic and financial sanctions against Iran will be removed through a Security Council resolution. In addition, all bans on Iran’s Central Bank, shipping, oil industry, and many other companies will be lifted.
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