Iran plans to increase insurance premiums

Finance Materials 9 August 2021 02:03 (UTC +04:00)
Iran plans to increase insurance premiums

BAKU, Azerbaijan, Aug. 9

By Elnur Baghishov – Trend:

It is projected that insurance premiums in Iran’s insurance sector will reach 1.1 quadrillion rials (about $26.2 billion) in the current Iranian year (from March 21, 2021 through March 20, 2022), Director General of Central Insurance of Iran, Gholamreza Soleimani said, Trend reports citing Ibena News Agency.

According to Soleimani, the insurance premiums in the insurance sector amounted to 820 trillion rials (about $19.5 billion) over the last Iranian year (from March 20, 2020 through March 20, 2021).

The director general added that disciplinary action is in the focus of Central Insurance of Iran. This has resulted in public consent.

"The increase in insurance premiums in the current context of inflation is of great importance. If insurance premiums had risen in line with current inflation and other economic and non-economic issues, we would have seen a significant increase in insurance premiums," he said.

Soleimani noted that during the coronavirus pandemic, the insurance sector used all its resources to develop special coronavirus insurance, took steps to insure those who lost their jobs as a result of the pandemic, and did a lot of work in this area.

As reported, inflation rate in Iran in the last Iranian year increased by 1.6 percent to 39 percent in the group of food products and to 35.2 percent in the group of non-food products.