Economy, Business And Markets

Insurance Settlements Rise

Insurance Settlements RiseInsurance Settlements Rise

Iranian insurance companies paid 35.2 trillion rials ($1.2 billion at the official exchange rate) in claims settlement to policyholders during the first four month of the calendar year (started March 21) marking a 19.6%  increase year-on-year. The top insurer, ‘Central Insurance Co.’ announced that compared to last year, earnings of insurance firms improved  10.6% reaching 63.2 trillion rials ($2.1 billion), ISNA reported. According to the figures, third party vehicle insurance accounted for 39.4% of the total premiums followed by car insurance 12.2% and life insurance 6%. Third party insurance comprised 36.9% of the total compensations followed by health insurance 35.9%. Car and life insurances accounted for 7% and 6.7% respectively for the total payments to policy holders.   The report shows that during the said period 13.9 million insurance policies were sold, a 5.7% growth from a year earlier.