EU unjust sanctions to be lifted: Insurance official

Tehran, Oct 7, IRNA – A senior official at the Iran Insurance Company (Bimeh Iran) said on Tuesday that unfair sanctions imposed by the European Union on the country's insurance system will be lifted in the near future.

"We will soon witness pleasant developments in the field of insurance," company's Board Member and Deputy Managing Director for Finance and Administration Hamid Tajik told IRNA.

Numerous sanctions are imposed by Western states and organizations against Iran's peaceful nuclear activities.

The European Union imposed restrictions on cooperation with Iran in foreign trade, financial services, energy sectors and technologies and banned the provision of insurance and reinsurance by its member states to Iran and Iranian-owned companies.

Western sources have admitted that the US-led sanctions are the toughest imposed on any country.

Tajik, who recently attended an EU insurance meeting, said problems on the way of removing anti-Iran sanctions are going to be settled through diplomatic means and major changes will occur shortly.

He added that major European companies had voiced readiness to cooperate with Bimeh Iran in oil, gas and petrochemical industries in talks with Iranian officials on the sidelines of the meeting.

"Bimeh Iran is highly respected by European countries regarding its long history of activity, skilled staff, strong financial ability and having 9,000 offices abroad," Tajik said.

He introduced Bimeh Iran as an 80-year-old company which is the most significant and brilliant insurance firm both in the Middle East and in the North Africa.

Established in 1935, Bimeh Iran is the only governmental insurance company in Iran active in all branches of life and non-life businesses. Offering commercial and personal coverage, the company holds over 50% of the national market share and provides services inside and outside the country.

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