Business And Markets

Iranian Insurance Companies Premium Income Up 24% 

Iranian Insurance Companies Premium Income Up 24% 
Iranian Insurance Companies Premium Income Up 24% 

Insurance companies in Iran generated 48.01 trillion rials ($192 million) in premium during the first eight months of the fiscal year (March-Nov 2020) up 23.9% compared to the same period  last year. 
The Central Insurance company of Iran (CII), the industry regulator, released the performance report after months of delay. Third-party auto insurance, as usual, accounted for the maximum  premium income -- more than one-third of the total.
During the period under the review, insurance companies earned 16.3 trillion rials ($65.2 million) from 15.24 million third-party vehicle insurance policies, marking a 30% growth in value and 5.45% increase in the number of policies sold.
The mandatory third-party auto insurance has been a vital source of income for insurance companies contrary to the industry's long and mid-term development agenda. 
Struggling with the impact of the coronavirus pandemic on their business, insurers' income from medical insurance declined by 18% to 8.4 trillion rials ($33.6m). The CII report said more than 258,000 medical insurance policies were sold during the eight months -- down 92.5% compared to the same period last year. 
Medical insurance share of the overall income declined to 17% during the period. Surprisingly, life insurance premium experienced 40% growth. Insurers made 7.2 trillion rials ($28.8 m) through from 4.5 million life insurance policies. Life insurance accounted for 15.08% of industry's premium income, getting closer to the set targets. 


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