The Central Insurance of Iran is the agency in mission of regulating the iranian indemnity diligence. Five indemnity firms dominate the sector, four of which are active in commercial indemnity. The leading actor is the Iran Insurance Company, followed by the Asia Insurance Company, the Alborz Insurance Company and the Dana Insurance Company. Export and Investment Insurance deals with alien trade .

history.

2006.

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 .

2008.

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 .

2012.

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 ]

2011, 2012.

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 proportion.

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.

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 ]

Auto liability.

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 ]

International.

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 ]

References.

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