The Iranian non-life insurance segment was strongly influenced by rising levels of GDP growth and an increase in the motor insurance category, driven by the rising number of road accidents. Growth in the property, automobile and industrial sectors is anticipated to drive the growth of the segment over the forecast period. Motor insurance accounted for the largest market share of the non-life insurance segment in 2011 and is expected to continue its domination over the forecast period.
This report provides in depth market analysis, information and insights into the Iranian non-life insurance market, including:
- The Iranian non-life insurance market's growth prospects by non-life insurance categories
- The various distribution channels in the Iranian non-life insurance market
- The competitive landscape in the non-life insurance market in Iran
- A description of the non-life reinsurance market in Iran
Key Highlights
- The Iranian construction industry grew significantly due to national and international investment in construction. The Iranian construction industry is considered the largest in the Middle East and according to the Central Bank of Iran, around 70% of Iranians own homes, indicating a large amount of disposable income in the country.
- During the review period, the Iranian non-life insurance segment registered steady growth in the presence of sustainable economic growth driven by rising GDP levels and insurance penetration rates.
- Motor insurance accounted for the largest share of the Iranian non-life insurance segment in terms of gross written premium.
- Foreign insurers and insurance intermediaries are able to open contact offices in the Islamic Republic of Iran. However, the opening of such offices is subject to the approval of Bimeh Markazi.
- The distribution network of insurance products in Iran is made up predominantly of brokers, agency networks, bancassurance and direct marketing channels. The major share of non-life insurance policies in Iran are sold through brokers, covered under the other distribution channels category in the report.
- As of 2011, there were 23 companies licensed to conduct non-life insurance business in Iran. Iranian insurance companies are regulated by the Bimeh Markazi of Iran, which has a very reputable standing in various insurance industries worldwide.
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