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Iranian insurance regulator foresees huge surge in life insurances

Business Materials 16 April 2018 16:37 (UTC +04:00)

Tehran, Iran, April 16

By Kamyar Eghbalnejad – Trend:

The head of the Central Insurance of Iran, Abdolnaser Hemmati, has forecasted that the life insurances in the Islamic Republic would witness a growth of 50 percent by 2025.

“Investment in life insurance is one of the most important fields of investment which had a proper surge over the recent years in Iran. According to the development plan of the insurance industry, the share of life insurance in the portfolio of the insurance companies will grow by 50 percent by 2025,” he told reporters on the sidelines of the opening ceremony of an exhibition on insurance in Tehran.

“The insurance industry has experienced a huge surge over the recent years… the premium growth rate increased by 21 percent over the last year compared to the preceding year,” he added.

The volume of purchase of life insurance policies in Iran increased by 30 percent over the last fiscal year which ended on March 21.

Abdolnaser Hemmati earlier said that the industry has covered worth of $145 trillion rials (about $3.9 billion at the official exchange rate on Jan. 30) of losses over the first nine months of the last year.

The industry in the preceding year (fiscal 2016/17) gained seven trillion rials (about $186.9 million) and paid 10.5 trillion rials ($280.4 million) in taxes and duties.

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