President of Bimeh Markazi Iran (Central Insurance of Iran) has travelled to Europe to launch negotiations with European insurers in Munich and London.

Abdolnaser Hemmati, President & Head of High Council of Insurance of Bimeh Markazi Iran (Central Insurance of IR Iran), is staying in Europe seeking to boost level of cooperation with international counterparts.

The Iranian official met and talked with CEO of Lloyd's of London insurance market Inga Beale on Friday.

Hemmati pointed to activities of Lloyd's of London in the Iranian insurance market before imposition of international sanctions adding “given Iran’s economic development plan and expansion of the country’s insurance industry, presence of Lloyd's of London in reinsurance coverage and Iran’s key risks holds great significance.”

Inga Beale, for her part, pointed to previous activities of Lloyd's of London in Iran’s market and stressed willingness of Lloyd's insurance syndicates to make presence in Iran; “presently, a total of 110 insurance syndicates are performing in Lloyds.”

Beale, while referring to existing obstacles in the banking system, emphasized the need to follow up issues related to money transfers in the insurance industry.

In response to the Iranian official’s proposal to form a committee to provide grounds for activity of Lloyd's insurance syndicates in Iran’s free zones, Beale urged two international directors of Lloyds to visit Tehran and conduct negotiations with senior officials of Central Insurance of IR Iran.

The meeting between president of Bimeh Markazi Iran (Central Insurance of IR Iran) and CEO of Lloyd’s of London came after a 12-year gap in official meetings between the two organizations.