In 2006 the market contribution for private policy companies stood at 54 % and 46 % for governmental policy companies. [ 1 ] At the end of 2008, there were 20 indemnity firms active in the marketplace, only 4 of which were state-owned ( with a 75 % commercialize share ). As of 2014, twenty-five insurance companies are active in Iran and all, except one, are privately owned. [ 2 ] Parsian Insurance became the largest privately owned company to be listed on the Tehran Stock Exchange in 2010. Parisan is the third base largest policy provider in Iran .
In 2008, the total indemnity premiums generated in Iran were $ 4.3 billion. This is less than 0.1 % of the universe ‘s sum, while Iran has approximately 1 % of the world ‘s population. The insurance penetration pace is approximately 1.4 %, significantly below the ball-shaped average of 7.5 %. This underdevelopment is besides discernible in intersection diverseness .
approximately 60 % of all policy premiums are generated from car insurance. There are about 14 million vehicles in Iran and 90 percentage of them are insured ( 2012 ). [ 3 ] Of the 10 million motorcycles that operate on Iran ‘s roads only 2 million are insured. [ 3 ] besides, 95 % of all premiums come from general indemnity contracts and only 5 % associate to life products ( against world average of 58 % for life sentence indemnity in 2011 ). [ 1 ] One of the defining characteristics of the economy is entrenched high inflation ( and expectations ) thanks to persistent monetization of fiscal deficits. This produces an environment in which no prudent person would enter into a long-run savings contract. According to Business Monitor International, unless and until economic policies in Iran deepen radically, the reality of the insurance sector will fall a long direction short of its likely. [ 4 ]
Blood money was $ 67,500 in 2011, down from $ 90,000 a year ahead. [ 1 ] [ 5 ] Since 2012, Iran is insuring its own fleet of oil tankers because of international sanctions. [ 3 ]
Payout ratios have shown reproducible emergence over the years. last year, the diligence average payout ratio was 86 %. Iran has 2 re-insurers. policy premiums come to just below 1 % of GDP. This is partially attributable to abject average income per capitulum. [ 6 ] In 2001/02 third-party indebtedness indemnity accounted for 46 % of premiums, followed by health policy ( 13 % ), fire policy ( around 10 % ) and life insurance ( 9.9 % ). [ 6 ] The Central Insurance of Iran is presently in the process of implementing some deregulation within the industry and migrating from a tariff-based regulation government to a prudential based one ( such as the Solvency regimen ), which is in line with the internationally take standards.
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indemnity industry ’ s payout proportion stood at 63.8 % during the fiscal year ended in March 2016. Insurers ‘ generated premiums totaled $ 6.5 billion during the said period. Iran Insurance Company, the only state-owned tauten, accounted for 39.47 % of the premium. Asia Insurance and Alborz Insurance trail by a big gross profit behind IIC, holding 10.15 % and 7.56 % of the market ’ second partake, respectively. [ 7 ]
Third-part car indebtedness accounted for 37.6 % of indemnity firms ’ sum generated premiums during the class ended in March 2016, with insurers selling about 19.18 million car policies in the period. [ 8 ] As of 2014 entire ( non-life ) marketplace premium was 1.27 % of GDP with only $ 69 per caput spend on insurance. [ 9 ]
As of 2016, Norway ‘s Skuld ( shipping ), UK ‘s Steamship Mutual and Standard Club ( shipping ), Protection and Indemnity ( P & I ) clubs ( shipping ), France ‘s Coface ( export guarantee agency ), Italy ‘s SACE ( export credit means ), Germany ‘s Hermes ( export credit agency ), Austria ‘s OeKB ( export credit rating agency ) and Switzerland ‘s SERV ( export credit agency ) are back doing business in Iran. many large reinsurance companies are besides considering returning to Iran ( including Lloyd ‘s, Allianz, Zurich Insurance, Hannover Re and RSA ). [ 10 ]