Majority of Iranians refuse to buy life, car insurance
Baku, Azerbaijan, Nov. 3
By Khalid Kazimov – Trend:
While majority of Iranians have refused to obtain life insurance, over 90 percent of vehicles in the country have no Collision and Comprehensive Insurance.
Head of the Central Insurance of Iran Abdolnaser Hemmati has said that there are about 25 million vehicles in the country but only three million cars have Collision and Comprehensive Insurance, Mehr news agency reported Nov. 3.
Meanwhile, about 80 percent of Iranians have failed to receive life insurance services as only 14 million have bought life insurance in the country, so far, he added.
The official further mentioned that insurance penetration has reached 2.1 percent in the country.
Speaking about opportunities to invest in Iran’s insurance industry, he said despite the low number of purchased life insurance, the figure has increased by 70 percent over the past two years.
In the meantime, the insurance penetration has grown 4.5 folds.
Hemmati also said that two European insurance firms are now in talks with Iranian counterparts to enter the market.