Iran establishes professional panel to discuss ILS ambitions

by Artemis on July 7, 2016

A professional panel met recently to discuss the establishment of guidelines and frameworks that would facilitate the utilisation of insurance-linked securities (ILS) business in Iran, according to the Insurance Research Center (IRC).

Iran is reportedly looking at establishing itself as a domicile for ILS business operations, with this group meeting to discuss the relevant steps required for the country to become a facilitator of ILS capital and structures.

“The aim of this professional panel is to investigate the methods of transforming insurance risks to securities, to explore ILS’ various components and their economic justifications, and to identify the necessities and required infrastructure for their development in Iran,” said Dr. Amir Safari, Head of the IRC and Secretary General of the Board.

“In line with these panels, in the meantime, supportive studies are being conducted. These pans will continue their job until the results are met and ILS has found its way into the Iranian market,” continued Dr. Safari.

For most in the space, Iran likely isn’t high up the list of potential future ILS domiciles, but the fact that a country such as this is aware of the benefits and opportunities ILS can bring, as a stand-alone asset class or as a supplement to existing insurance and reinsurance markets, is testament to its increased sophistication.

Information regarding the professional panel that took place recently is limited, but reports suggest that empirical and scientific studies are part of an executive plan for the entry of ILS in the Iranian market. Along with continued academic debates, the development and formation of ILS systems, and discussions surrounding the implementation of ILS in Iran, amongst industry experts and leaders.

A report on the IRC website notes that Dr. Seyed Abbas Moosavian, a Professor at Imam Sadeq (S.A.) University, Dr. Nisi, a Professor at Allameh Tabataba’i University and a member of the Iranian Insurers Syndicate, Mr Sameri, along with a range of other scholars, participated in the recent, first professional panel meeting.

As noted details of the professional panel meeting and the desire for Iran to establish ILS facilitation is limited, but we’ll be sure to update you on any developments that come to fruition.

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