Transport Insurance Grows

Insurance companies' income from transportation industry saw considerable growth in the last decade despite the challenges and restrictions faced by businesses.
The Central Insurance company of Iran said insurers generated 10.2 trillion rials ($37 million) from the transport segment in the last fiscal year (ended March 2021), posting 79.5% growth compared to the year before. The category accounted for 1.26% of the industry's premium income.
The category's total premium was 880 billion rials ($3.2 million) ten years ago. Payout ratio in this segment was 21.54%, 14 percentage points less than the year before. Transport insurance was among categories with the lowest payout ratio making it profitable for insurance companies.