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EghtesadOnline: A senior official from Germany’s Ergo International Insurance Company voiced the interest of his company in entering the Iranian insurance industry.

Alexander Ankel made the remarks on the sidelines at the 23rd National and 9th International Conference on Insurance and Development which started work here on Saturday.

He told IRNA that Iran is a newly-emerging market in the insurance industry.

Pointing to Iran’s natural resources, he said the country has managed to reduce its national inflation rate from 36 percent in 2012 to 7.9 percent in October 2016.

He said his company is aware of the fact that Iran has managed to remarkably increase the insurance penetration index against its Gross Domestic Product to over 2 percent.

The German official further noted that Iran established several insurance companies in recent years despite the very heavy sanctions it was facing.

He went on to note that his company was one of the biggest in the kind in Europe which is active in over 30 countries across Europe and Asia.

The event kicked off in Tehran yesterday which coincided with the national Insurance Day in the country.

2,500 domestic and foreign entrepreneurs in the insurance industry have taken part in the Tehran conference which focuses on 'Market Functions and Mechanisms in the Insurance.'

Several guests from Germany, Britain, Lebanon, Switzerland, Belgium, France and Japan have attended the international insurance conference.

Iran-Germany trade Iran Insurance Ergo International Alexander Ankel