Dec 04, 2019 10:04 Asia/Tehran [Updated: Dec 09, 2019 22:19 Asia/Tehran]

Iran's Finance and Economic Affairs Minister said that insurance plays a crucial role in countering sanctions against his country.

Iran Press/Iran news: At the 26th National Conference on Insurance and Development, Iran's Finance and Economic Affairs Minister Farhad Dejpasand stated, "Today, Iran has about $500 billion insurance coverage. The insurance industry is important for the individual and the family, but maybe for countries like us that are on the path of development and need to take longer steps, we need to push the insurance industry towards activities that can consolidate economic growth and development."

According to Iran Press, he added. "Whatever the crisis is, one of the serious concerns of this government is mobilizing resources. But if the fund is formed and insurance gets its place, there is no need for the government anymore and this will provide confidence for the people, helps the government in the development process, and contribute to the insurance boom."

Dejpasand further noted that "Another issue is the private sector insurance. The insurance industry has the feature that it can be completely delivered to the private sector after passing a period of time. Developed insurance in Iran can also play an important role in countering sanctions."

The 26th National Conference on Insurance and Development held this morning in Tehran with the attendance of President Hassan Rouhani.

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