Life Insurance in Iran Underdeveloped
Life Insurance in Iran Underdeveloped

Life Insurance in Iran Underdeveloped

Life Insurance in Iran Underdeveloped

The share of life insurance in the overall portfolio of the Iranian insurance industry is meager, a fact that a board member of Middle East Insurance Company, which specializes in life insurance, ascribes to the lack of an insurance culture in the country.
“In developed countries, at least 30% of people have life insurance policies but this number is next to nothing in Iran and stands only at about 3-4%,” Seyyed Hossein Salimi also told IBENA.
The executive, who is also deputy chairman of Middle East Bank, noted that while the banking system has made significant headways in the past few years, the insurance industry has failed to keep up.
“The people are still not receiving any education on insurance and cultural beliefs are not directed in a way to encourage the purchase of insurance policies even as it saves them when an accident happens,” he added.
Salimi, who is also deputy head of the Money and Capital Commission of Tehran Chamber of Commerce, Industries, Mines and Agriculture, said remarks made by Abdolnasser Hakimi, director of Central Insurance of Iran, that the country’s uninsured risks amount to $3 trillion have been corroborated.
“Insurance companies also do not correctly inform the public on the variety of loss coverage services,” he concluded.  


Short URL : https://goo.gl/fyNpyZ
  1. https://goo.gl/bSnqEs
  • https://goo.gl/xiWAHi
  • https://goo.gl/ydRj9H
  • https://goo.gl/XzoNkV
  • https://goo.gl/92vvp1

You can also read ...

Asian and European economic support for Iran offers the potential to improve existing alternative international trade links and develop new links.
While American President Donald Trump has withdrawn from the...
1st USD Rate Hike After Unification
For the first time after the government decided to unify the...
Uber Chief Product Officer to Leave
Uber Technologies Chief Product Officer Jeff Holden is leaving...
Tesla Model 3
Elon Musk’s Model 3, once touted as Tesla’s $35,000 car for...
The number of foreign students enrolled in Iranian universities increased by 19% in the last Iranian year (ended March 20, 2018) compared to the year before.
Currently, some 55,000 foreign students are studying in...
Iranians’ per capita honey consumption is 1 kilogram per year, while it is around 200 grams in other countries.
Iran has made noticeable progress in honey production, as it...
Efforts Underway to Unblock Iranian Accounts in Georgia
Efforts are underway to unblock some bank accounts belonging...
HSA is aimed at promoting homeownership among young couples.
The idea of tapping into the reserves of the National...

Add new comment

Read our comment policy before posting your viewpoints