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‘Extra Duties’ Blamed for High Insurance Prices
Economy, Business And Markets

‘Extra Duties’ Blamed for High Insurance Prices

The most important reason behind the increased prices of compulsory motorists’ third party insurance is the fact that “extra duties” are imposed on insurance companies, said CEO of state-owned Iran Insurance Co., Mahmoud Amrollahi. “To make up for losses, insurance companies are forced to hike up prices,” he said, as reported by Banker. “If the extra duties are decreased, CMPTL expenses will automatically reduce,” he said, giving no more specifics on the issue. There are currently three million vehicles in Iran which are not insured, he said. “It is beyond doubts that if vehicle owners were able to afford insurance they would duly insure their cars and this would result in reduction of risks,” Amorllahi added.Insurance companies cannot be expected to address the issue on their own, he stated, urging parliamentarians to pass a law that would mandate every citizen to purchase the insurance coverage.

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