Tehran,Dec.04 (SENA) - Iran's Minister of Economy says that the country's insurance industry has a vast coverage of goods and services with total worth of 500 million USD all across the nation making it one the fastest growing industries nationwide.

According to the Securities and Exchange News Agency report,Farhad Dezhpasand the minister of economy asserted that in terms of the insurance industry in Iran, great breakthroughs have been achieved so far however major steps are yet to be taken in order to actualize the country's potential in the industry in full.

in Iran, insurance coverage has been developed to satisfactory levels within the recent years and provider companies managed to diversify their coverage plans to meet the specific needs of citizens and business in terms of having access to affordable and reliable insurance coverage for all purposes concerned, he added.

" Our country is located in a region which is very prone to natural disasters such as earthquakes, floods,droughts and landslide ,hence augmentation of insurance coverage is a must to countermeasure the negative impact of natural disasters. In that sense, empowerment of the insurance industry is strengthening our national economy and industrial capacities in mid to long run."SENA quoted Dezhpasand as saying.

He furthered: at the time being the impact factor of insurance coverage in Iran is %2.2  which is not bad but far away from the objectives of the sixth  Five Years Development Plan set forth by the President Rouhani's government. Thus, all involved entities should diligently work on promotion of insurance coverage via partnership with the private sector and also privatization of existing public insurance companies to make the coverage  available to all .


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