Insurance companies generated 602 trillion rials ($2.09 billion) through selling 38.5 million policies in the first seven months of Iranian year (started March 2021).
Central Insurance company of Iran data show insurers posted 41.2% growth in total premium income on the same period last year. The number of policies sold grew by 2.52% y/y.
As has been seen over the years, third-party auto insurance accounted for the largest portion of premium income in the said period -- 213.4 trillion rials ($743.5 million) or 35.4% of the total. This amount was 45.8% higher compared to the corresponding period a year ago.
More than 13.2 million insurance policies were sold during the period, 0.02% higher than the previous year.
Medical insurance was second with 110.4 trillion rials ($384m) accounting for 18.3% of the premium income -- 46% higher on the same period last year. In sum, 552,796 medical insurance policies were sold in the said period, up 155.3% Y/Y.
Life insurance was third with 15.04% of the earnings in the seven months. Insurers generated 90.5 trillion rials ($315m) from 4.35 million life insurance policies posting 44.43% and 8.73% increase in value and volume, respectively.
Auto body insurance with 7.07% liability insurance with 5.27% and fire insurance with 4.63% share from insurance companies' generated premium, were the other main sources of insurers' income. Credit insurance registered the highest growth during the period under the review, 141.06% year-on-year.
Insurance companies paid 292.6 trillion rials ($1.019 billion) in payouts in the seven months posting 36.5% y/y.
Medical insurance accounted for 36% of total payouts at 106.15 trillion rials ($369.8m), up 72% on the same period last year. Third-party vehicle insurance was next at 30.03% or 87.8 trillion rials ($306m) up 11.15% y/y.
The money was paid for 27.7 million cases, 21.2% higher than the same period a year ago. Medical insurance claims accounted for 94.02% or 26.15 million of total claims, up 22.8%.
Rise in medical insurance claims was largely due to the deadly Covid-19 pandemic that so far has cut short 128,000 lives and six million reported infections.
The payout ratio improved during the seven months reaching 48.62%, 1.68 percent points less than the same time last year.
Marine insurance recorded the highest payout ratio at 217% followed by medical insurance reaching 96.15%.
