Iranian firm sees considerable rise in personal insurance lines
Baku, Azerbaijan, May 1
By Farhad Daneshvar – Trend:
Iran’s Dana Insurance experienced an 81 percent boom in its coverage of personal insurance lines with a loss ratio of 59 percent over the last fiscal year that ended March 20, 2017.
Davood Hosseini, an official with the insurance firm, has termed the hike “unprecedented and considerable”, Ibena reported May 1.
He added that Iran’s insurance system needs to step up efforts in order to increase the insurance penetration rate to 7 percent in near future.
In the meantime, the share of life insurance should surge by 50 percent by 2022, he added.
According to the latest statistics, the life insurance took a share of 14 percent over the last Iranian calendar year and it is expected to reach 21 percent by 2022.
This is while the insurance industry grew by 22 percent over the last year with insurance penetration rate improving by 0.4 percent to reach 2.1 percent.