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Iran's insurance sector grows

Business Materials 18 March 2020 11:17 (UTC +04:00)

BAKU, Azerbaijan, March 18

By Elnur Baghishov - Trend

Premium growth has increased by 39.1 percent in Iran's insurance sector during 10 months of the current Iranian year (March 21, 2019 - January 20, 2020) compared to the same period last year, Director General of the Central Insurance Company Gholamreza Soleymani told Trend.

According to Soleymani, the premium growth was about 472 trillion rials (about $11.2 billion).

Soleymani added that premium growth was 68.6 percent in private (non-state) sector.

The official said that about 58.5 million pieces of insurance was issued during 10 months. This is an increase of 3.6 percent compared to the same period last year.

"About 32.6 percent of premium growth are allocated to third party insurance and 25.2 percent of premium growth is related to medical insurance," he said.

Soleymani said that about 14.3 percent of the portfolio of premium growth is life insurance.

The following table shows the 10-month activity of the Iranian insurance sector.

Name

Quantity

With US dollar

Percentage of change compared to the same period last year

Premium growth

472 billion

11,2 billion

39.1

Number of insurance issued

58.5 million

-

3.6

Number of compensation payments for injuries

20.6 million

-

4.7

Compensation to injury

5.5 percent

-

-1.4

Private(non-state) sector

68.6 percent of premium growth

-

67.6 percent of injuries

The main share of the premium growth portfolio

32.6 percent third party insurance

25.2 percent- treatment

The main share of the premium growth portfolio

14.3 percent life insurance

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