Industry Overview: Iran’s insurance market ranked 42nd in the world in terms of the value of total premiums with IRR 206.5 trillion in 1393 (2014/15) which grew by %31.7 compared to last year. The private sector generated % 59.4 of the total. With $84 written premiums per capita, insurance industry constituted around 2% of Iran’s GDP in 2013. Iran’s non-life segment accounted for over 89% of total premiums written. Generally, this segment has reached sustained growth for the last several years. Basic motor and health lines forecast to enjoy steady year-on-year growth in non-life segment. Compulsory motorists’ third party with 42% and health with 20% of written premiums are largest lines of non-life insurance where life insurance constitute %11 of the total insurance premiums in 1393 (2014/15). The growth of life insurance penetration rate from %0.08 to %0.15 from 2009 to 2013 indicates the potential of investing in this market whereas the life insurance premiums forecast to grow by 0.2% in 2015. However, life insurance is in an embryonic stage of life cycle and the lack of awareness of the life insurance benefits deters life insurers developing market share of total premiums.

Insurance-Industry