Iran’s Marine Insurance Driven by Growth

Data from the Central Insurance of Iran indicate that the country’s insurance industry has been boosting its profits and reducing its loss ratio for the past 10 years when it comes to covering ships and marine transportation.
Insurers earned less than 100 billion rials ($2.23 million) from ship insurance premiums in the fiscal 2007-8, which share grew only slightly in the following year and came down slightly again in the fiscal 2009-10, data from CII’s website show.
This is while the loss ratio of insurers in this field decreased from 86% in the fiscal 2007-8 to 42% in the year after, only to surge to 141% and then fall to 117% in the following two years.
The fiscal 2010-11 provided the first notable jump in the volume of ship insurance premiums as they grew beyond 700 billion rials ($15.66 million) with the loss ratio fixed at 60%, but the next year saw premiums rise above 1 trillion rials ($22.38 million) for the first time in a year, which saw a loss ratio of 84%.