BAKU, Azerbaijan, June 7. Life insurance coverage in Iran increased by 7 percent, over the last Iranian year (March 21, 2022 through March 20, 2023), compared to the previous year (March 21, 2021 through March 20, 2022), Director General of the Central Insurance of Iran, Majid Behzadpour said today at the 15th Financial Industry Exhibition held in Tehran, Trend reports.
According to Behzadpour, overall, 30 million people bought life insurance in the country last year.
“In addition, 36 million people were insured for accidents in the country, as well as 26.5 million buildings were insured against natural disasters for the last Iranian year,” he added.
The director general also said that 20 million people were insured for treatment in the last year. This is 17 percent more than the preceding year.
At the same time, 4.8 million vehicles were insured in Iran for risks worth 15 trillion rials (about $357 million).
Also, 26.5 million vehicles were covered by third party insurance against risks worth 200 trillion rials (about $4.76 billion), Behzadpour noted.
He emphasized that insurance plays an important role in Iran's economy.
"Last year, Iran's insurance market recorded a 50-percent increase, and collections amounted to 1.75 quadrillion rials (about $41.7 billion). Of that, 73 percent belongs to the private sector," Behzadpout pointed out.
In order to connect the insurance sector with the investment sector in Iran, insurance bonds are put on sale by the Securities and Exchange Organization of Iran.
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