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Performance of Iran’s Insurance Industry in 2017-18

In terms of insurance penetration, which is the ratio of premiums underwritten in a year to the GDP, the indicator was 2.33% in 2017-18
Performance of Iran’s Insurance Industry in 2017-18Performance of Iran’s Insurance Industry in 2017-18

The Majlis Research Center in a report has looked into the performance of Iran’s gradually expanding insurance industry. 

In terms of insurance penetration, which is the ratio of premiums underwritten in a year to the GDP, the indicator was 2.33% in 2017-18. This is while the penetration rate was barely 0.53% in the 1970s.

According to a report on the performance of key economic sectors in the previous fiscal, the Plan and Budget Organization (in charge of drafting annual budget and overseeing spending) Iran was 57th in the world and 4th in the region with regard to insurance penetration in fiscal 2017-18.  

Regarding total insurance premium income and premium per capita, the MRC said in 2011-2012 the premium income was 2,130 billion rials ($177 million at the forex rate of the time) and shot up to 3,147 billion rials ($24.2 million at current open market rates ) in 2017-18.  Adjusted for inflation, MRC says the figure was 197 billion rials in 1979. 

As for premium per capita, the indicator soared from 5,800 rials in 1979 (adjusted for inflation) to 28,500 rials in 2011-2012. The figure rose to 45,000 rials in the previous fiscal.

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