Business And Markets

Less Common Insurance Types Gain Traction

Less Common Insurance Types Gain Traction Less Common Insurance Types Gain Traction

Data released by the Iranian insurance regulator show that insurers managed to increase their premium income by selling less popular insurance types such as fire and liability insurance. 
The Central Insurance company of Iran, the body in charge of supervising and regulating the Iranian insurance industry, has released figures about insurance companies’ performance in  the last Iranian year (March 2019-20). 
Mandatory third-party auto insurance and medical insurance collectively accounted for nearly two-thirds of the total premiums.
However, lesser-known insurance types of insurance seem to be making progress. Oil and energy insurance premiums recorded solid growth of 130% during the year to March 2020. However the category's share from the total premium income is still meager -- nearly 2.2%
Fire insurance premium increased by about 30% last year. The category now accounts for about 4% of insurers’ total premium income. 
Premium generated from liability insurance has also surged by 40% to reach 26 trillion rials. Liability insurance had 5% share in the total generated premium.
Life insurance share in total income reached an all-time high of 14.67% in the said period. Premium from the gradually expanding category amounted to 86 trillion rials -- up 37.35% compared to a year ago. The category is the third top source of premium income of insurers in Iran. 
According to CII data, 29 companies collectively generated 591 trillion rials from selling insurance. 

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