Insurance companies reported 18% decline in medical insurance premium in the first eight months of the current fiscal year (March-November).
Figures released by the Central Insurance company of Iran, the industry’s regulator, companies generated approximately 8.4 trillion rials selling medical insurance in the period.
They recorded a huge decline of 92% in the total number of medical insurance policies sold during the eight months at 258,000. Share of medical insurance in the overall income declined to 17%.
As per CII data, 71.2 trillion rials was paid to compensate losses in medical insurance category – up 13.1% increase year-on-year.
Total claims in the medical segment increased 77% to 23.8 million during the period. Medical insurance claims accounted for 92% of total claims in the eighth month.
Insurance companies in Iran generated 48.01 trillion rials ($192 million) in premium in the first eight months of the fiscal year (March-Nov 2020), up 23.9% compared to the same period last year.
During the period under review, companies earned 16.3 trillion rials ($65.2m) from 15.24 million third-party vehicle insurance policies -- a 30% growth in value and 5.45% increase in volume.
