During the meeting in the Iranian capital today, Governor of Iran's Central Insurance Company Naser Hemmati and Managing Director of India's GIC Insurance Company Alice Vaidyan explored ways to expand insurance ties between the two countries.
During the meeting, the two sides also underlined the need for boosting cooperation in reinsurance areas.
The Indian official voiced GIC's willingness to provide the insurance coverage for Iran's market.
India's GIC Company is a state-owned reinsurance company which has many branches in different companies.
In a relevant development in May 2016, Tehran and New Delhi signed a dozen pacts to boost their cooperation in different fields.
The 12 memoranda of understanding (MoUs) were signed in a ceremony in the presence of Iranian President Hassan Rouhani and visiting Indian Prime Minister Narendra Modi in Tehran.
Modi, heading a high-ranking delegation, visited Iran in late May.
Modi made his first trip to Iran since he took office in 2016. Modi's visit was aimed at deepening energy ties.
During the Indian prime minister's visit, India signed a contract to build and operate the port of Chabahar on the Southern Iranian coast that is aimed at boosting connectivity with Afghanistan and central Asia.