Economy, Business And Markets

Insurers’ Earned Premiums Up 28%

Insurers’ Earned Premiums Up 28%Insurers’ Earned Premiums Up 28%

Insurance industry’s total earned premiums stood at 31.7 trillion rials ($9.1 billion) during the two months ending May 19, indicating a year-on-year growth of 28.3%.

Data published by the Central Insurance company of Iran also shows that insurers paid 19.2 trillion rials in claims during the said period, marking a growth of 24% compared to the same period last year.

Some companies recorded loss ratios higher than the industry’s average. Mihan Insurance topped the list with a recorded loss ratio of 164.3%. Novin Insurance and Dana insurance came next by paying 102.47% and 86% of their premiums.

Iran Insurance Company, as the only state-run firm in the market paid about 86% of the earned premiums in claims.

Personal Auto Policies still account for the majority of insurers’ portfolio, as insurers earned half their premiums by selling PAP policies. They earned 9.6 trillion rials from the sale of life, health and liability policies.