Insurers Feel the Heat

The insurance industry's total premium is expected to fall short of expectations in the current Iranian fiscal year, largely due to the ruinous Covid-19, rising inflation and  forex rates at historic highs, the president of the Central Insurance company of Iran (CII) said. 
"Insurers' collective premium income was expected to reach 1,000 trillion rials ($3.12 billion) in the current fiscal year (March 2020-21). However, given the financial hardships caused by the pandemic and the high  inflation, the amount is not expected to exceed 800 trillion rials ($2.5 billion)," CII website quoted Gholamreza Soleimani as saying. 
Insurers are suffering sharp declines in categories like travel and liability insurance, Soleimani said. "Inbound and outbound trips have decreased from eight million last year to less than a million…The persistent stagnation in business performance has further hurt demand for liability coverage."