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Private Insurance Business Improving

Private Insurance Business Improving Private Insurance Business Improving

The share of private insurance firms grew in the nine months ending Dec. 21 making up 58% of the industry’s total earnings. This is while Iran Insurance Company, their sole state-owned rival, took in the remaining 42%. Data from the Central Insurance company of Iran  shows that during the period, the industry’s total revenue reached 165.7 trillion rials ($ 5.49 billion), marking an 11.7% year-on-year increase, CII website reported on Friday. The industry paid a total of 93.2 trillion rials ($3.08 billion) in claims, a growth of 22.6% compared to the same period last year. Insurance firms sold 35.5 million policies during the period, with third-party auto insurance accounting for almost 40% of the total. Third-party policies also top the list of indemnities at 40.3%.

Financialtribune.com