Economy, Business And Markets

More People Buy Life Insurance

More People Buy Life Insurance  More People Buy Life Insurance

Life insurance accounted for 11.7% of the insurers’ total premium in the tenth months of the fiscal year that ends on March 19, a 1.7% rise compared to the previous month. Total premiums reached 183.1 trillion rials ($6.06 billion) in the said period, a growth of 12% at an annualized rate. During the 10 months insurers paid a total of 107.6 trillion rials ($3.56 billion) in claims marking a 22.7% year-on-year increase, Central Insurance company of Iran reported on Friday. Private insurers’ share of the market is gradually growing, as during the period they accounted for 58.5% of the total premium, while the Iran Insurance Company, the only government-owned firm, accounted for 41.5% of the premium. According to CII data, third party auto insurance and medical insurance top the list of indemnities, accounting for 40.9% and 33%, respectively.