Iran’s Parsian Insurance Company and Rosgosstrakh-Armenia Insurance on Thursday signed an agreement to provide insurance coverage to Iranian and Armenian tourists.
Travelers can purchase travel and auto insurance policies before leaving their own country and receive services at destination, Risknews reported.
The move is expected to help expand insurance and reinsurance ties between the two countries by opening representative offices and organizing mutual training programs.
The private-owned Parsian Insurance Company, affiliated with Parsian Bank, is one of the “Big Four” private insurance companies in Iran in terms of earned premiums. Industrial Management Institute ranked Parsian Insurance Company the third largest insurance firm in Iran with 16 trillion rials ($415.1 million) in revenues.
Rosgosstrakh-Armenia Insurance operates as a subsidiary of OAO Rosgosstrakh.
Back in February, the Central Insurance of Iran and Central Bank of Armenia signed an agreement to boost cooperation in insurance and reinsurance services during an Iranian delegation’s visit to the country. Officials from Iran Insurance Company, Parsian Insurance and Iranian Re also held meetings with Armenian insurers.
Iran is reportedly the second largest contributor to Armenia’s tourism industry. The number of Iranian tourists visiting Armenia has been growing steadily, such that in 2016 it registered the largest growth by any country with 30%.
According to ArmInfo, Armenian insurers’ premium income amounted to $66.6 million in 2016, marking a 6.8% growth compared with 2015. Iran insurance industry’s premium income stood at $6 billion in 2016.