The CEO of Iran Insurance Company, Abbas Farashiani, has announced that Tehran ranks first in receiving third party insurance compensations. According to latest statistics available, Razavi Khorasan and Fars provinces receive the most amounts of third party insurance payments respectively, after Tehran, the Banker reported. Receiving the least amount of third party insurance payments, on the other hand, are provinces North Khorasan, Kurdistan, and Chaharmahal and Bakhtiari. The official counted the increased number of vehicles and heavy traffic as the foremost reasons behind the issue. Out of 180 countries worldwide with most traffic collisions, Iran’s ranking is 175. The high number indicates that Iran’s economy suffers tremendously in car crashes, however indirectly. Compulsory third party motor vehicle insurance is the main insurance product in Iran’s insurance industry, taking up over half total premiums received annually.
