Mohammad Asudeh, Managing Director of Bimeh Iran Co.

Taking into consideration the characteristic features of the Iranian market marked, perhaps most prominently, by a rather severe competitive trend between and amongst the old and new players (i.e. respectively, the longstanding state-run insurance companies and the emerging firms) to apply the necessary adjustments to our company’s Mission & Vision Statements (as the main guidelines to determine the overall frame of this company’s work agenda) was the priority task undertaken in the early stage of my tenure in Bimeh Iran.

In view of the pioneering position of this company since its establishment in 1934, as the first-ever Iranian insurance company, we adopted the motto "preserve our longstanding avanguard status in the Iranian insurance market" as the new Vision Statement of Bimeh Iran in the current era of its professional performance.

Furthermore, in order to draw a clear panorama about the future course of Bimeh Iran’s policies, plans and actions a new Mission Statement was adopted.

However, the aforementioned views could be regarded as the basis of a number of initiatives taken during the past one and a half years, including pursuing the vital issue of the future ownership status of the state-run insurance companies and the privatization policy of the government. The final decision in this regard is to privatize all the state-owned insurance companies except Bimeh Iran.

Meanwhile the formation of a consortium of local insurance companies (under the leadership of Bimeh Iran) to provide the required coverages to the Iranian oil and energy industries could be mentioned as another achievement in this regard.

The very name of our company being the founder of the insurance business in our country since 7 decades ago has given it a credibility unmatched with any other company. Apart from its pioneering position, the quality and diversity of the services extended by this company as well as the unique potentials it enjoys in terms of its professional human resources and the rich reservoir of up-to-date expertise are among the contributing factors to Bimeh Iran’s unparalleled position in the Iranian insurance industry.

Bimeh Iran by virtue of its access to the largest sales network throughout the country (consisting of 205 branches and 4,000 agents which 167 of them operate in the from of agent companies) generates over 53% of the annual premiums in the Iranian market.

Almost the entire giant industrial projects of our country are under the coverage of this company.

Moreover, Bimeh Iran is the only Iranian insurance company being represented abroad.

In line with the provisions of the executive general policies of the Article 44 of the constitution, Bimeh Iran is the only state-run insurance company being excluded from the government’s privatization policy.

Bearing this exclusion in mind, Bimeh Iran will focus, from now on, on such strategic objectives as insurance culture promotion, market expansion and increasing the insurance penetration ratio in Iran.

Bimeh Iran being active in various sectors of the Marine, Liability and Fire lines, provides all the requisite coverages for the probable risks in various stages of trade transactions.

Our cargo insurance services cover land, sea and air shipment of consignments.

Bimeh Iran having the highest portfolio amongst all the local insurance companies has the most extensive reinsurance dealings with the world leading reinsures and brokers.

For instance, part of the risks accepted from the aviation, shipping and energy industries are normally ceded every year to a number of renowned foreign reinsures.

Reciprocally, this company accepts some plausible risks, within the framework of its inward dealings, from foreign insurance and reinsurance companies.

The current 5-year plan of Bimeh Iran includes a series of measures to upgrade this company’s hardware and software potentials in line with the most urgent needs of the on-going business environment. They include, inter alia, optimum deployment of Information Technology in the day-to­day running of the company, further expansion of Personal and Endowment lines services and more elaborate reinsurance and co-insurance services aimed at ensuring broader professional links between Bimeh Iran and the emerging insurance companies.