Business And Markets

Growth in Transport, Fire Insurance Premium

Data released by the Central Insurance company of Iran shows decent growth in insurers' premium income from two recently digitalized categories, namely fire insurance and transportation insurance in 11 months to Feb 19. 
Insurance companies generated 319 trillion rials ($130.2 million) from 3.2 million fire insurance policies during the said period, registering 51% growth in income compared to the same period last year. 
Transportation insurance generated 88.5 trillion rials ($36.12 m) during the 11 months under the review -- 70.45% higher than the year before.  
The growth comes after the regulator's decision in August to digitize the key insurance industry. The CII unveiled supervisory platforms for the transport and fire insurance segments and obliging all transport and fire insurance policies to have specific codes given by the platforms. 
For transport insurance, the special code emerges automatically after receiving confirmation from the National Trade System and the Headquarters to Combat Smuggling of Goods and Foreign Exchange. Fire insurance cover for goods in warehouses is valid only if it has the code.
The process of digitizing insurance procedures began last May when the CII ordered insurance companies to switch personal auto policies to electronic format. 
Insurance companies were required to transfer the process of sale, renewal, and issuance loss payments of personal auto policies to an online platform.

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