German Insurance Companies leave Iran
Published on the website of German television channel “N-TV” on 18 February 2010
Source (German): http://www.n-tv.de/wirtschaft/Versicherer-verlassen-Iran-article736137.html
English translation kindly provided by Josh Manning
Both insurance companies Munich Re and Allianz are pulling out of Iran. Management has decided that in the light of the current political situation, no new business, contracts, or insurance renewals will be made, announced the world-wide insurance company Munich Re.
Thus the premium volume will be reduced to around 10 million Euros. In 2009, Munich Re contributed a revenue of more than 41 billion Euros. Allianz’s insurance activities in Iran, of which had a negligible volume, would also cease continuing there, said a company speaker.
The US sees that Iran is moving on the path towards a military dictatorship and has warned the country that they would not sit by idly as they build an atomic bomb. US Secretary of State Hillary Clinton said, the USA is not planning on attacking Iran. However, it does intend on moving the international community towards imposing economic sanctions.
No new orders from Siemens
In Germany,the Munich based industrial company Siemens, announced that no new orders would be taken in Iran. However, existing contracts will be fulfilled. According to Chief Executive Peter Löscher, business with Iran has been exclusively of civilian character, of which consisted the undertaking of infrastructure, traffic, and medicine technology.
Siemens makes roughly half a billion Euros a year so this business represents not even a percent of their revenue.