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40% Growth in Iran's Life Insurance Premium
40% Growth in Iran's Life Insurance Premium

40% Growth in Iran's Life Insurance Premium

40% Growth in Iran's Life Insurance Premium

Iranian insurance industry earned 29.4 trillion rials ($789.4 million) by selling 2,357,171 life insurance policies during the 10 months to January 19. 

The latest data, derived from the Central Insurance of Iran’s database, indicate a 39.5% growth in premium income for life insurance compared with the same period of last year. 

Life insurance accounted for 13.23% of the industry’s portfolio during the period.

A sum of 9.5 trillion rials ($252.4 million) were paid against 309,300 claims in the category, registering a 34% growth in total paid losses and 33.9% growth in life insurance claims.

The loss ratio of life insurance category was 32.42% during the 10-month period, down by 1.3% year-on-year.

Life insurance is expected to boom in the coming months. Some insurance firms plannedthe launch of life insurance spinoffs following the establishment of Middle East Life Insurance Company in February.

The industry’s total premium income reached 222.4 trillion rials ($5.97 billion) during the 10-month period, recording a 21.8% growth y/y. The industry’s total paid losses amounted to 132.8 trillion rials ($3.56 billion) during the period, marking a rise of 23.45% compared with the same period of last year.

The industry’s loss ratio was 59.73% during the period, 0.8% higher than the previous year’s.

The loss ratio of medical insurance category reached 81.09% by January 19, marking a 7.65% growth y/y. 

CII has repeatedly warned insurers to enhance their operation in the key category, but no significant measure has been taken so far.

The sector accounted for 25% of insurers’ premium income during the period. 

Personal auto policies remained the top source of revenue for insurers in the period, accounting for 38.5% of their portfolio. Insurers earned 85.5 trillion rials ($2.3 billion) by selling 15.7 million policies in this category.

Iran Insurance Company, the only state-owned player in the market, solely accounted for 38.4% of the market, while the remaining 61.6% wereshared by 24 private and privatized firms.

 

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