Razi Insurance Company Based on the Law of the Establishment of Non-Governmental Insurance Institutions, approved by the Islamic Consultative Assembly on August 28, 2001, and License No. 5194 dated 18/05/2003 of the Central Bank of the Islamic Republic of Iran, aimed at developing the insurance culture, promoting the quality of insurance services and expanding the competitive environment in the industry, started its activities as the first private insurance company in Iran since the beginning of 2003 with a capital of 140,000 million Rials, which in the year 2014 and after the last time of capital increase, this amount has reached 2,000 billion Rials. In the year 2013, the stockholders’ composition changed and at the moment a set of natural and legal persons are operating as a shareholder of Razi Insurance Company (Public Company).
Since then, Razi Insurance Company has been able to recruit more than 470 competent and experienced collaborators and build 36 branches and 1056 general agents, 653 life insurance agents and cooperate with more than 874 insurance brokers throughout country and has developed and presented itself as a trusted insurance company to the public as well as to major government ministries and organizations and public institutions, as well as private companies and corporations.
Razi Insurance Company has also been able to take reinsurance cover from reliable reinsurers like GIC, Belarus Re, Energogarant and RNRC. Over the course of its 16 years of operation, the number of insurers has reached nearly 9 million people, and about 650,000 people of natural and legal persons have been received their claims.