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Iran life insurance market: Almost 10% of the entire Iranian insurance industry

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Life Insurance in Iran, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-04 15:31:01
The Iranian life insurance segment accounted for the lowest market share of the Iranian insurance industry. With the implementation of more liberal trade policies, the number of state-owned insurance companies fell from four in 2006 to one in 2011, while the number of private insurers increased from 16 in 2008 to 24 in 2011.;

The life insurance segment represented 9.9% of the Iranian insurance industry in 2012. Consumer austerity measures and government initiatives to promote life insurance are expected to lead the segment to grow over the forecast period (2013–2017), at a CAGR of 26.8%, from a value of IRR9.9 trillion (US$0.99 billion) in 2012 to IRR32.5 trillion (US$3.25 billion) in 2017.

Despite the global financial crisis, rising public awareness of the importance of insurance played an important role in the growth of life insurance written premiums. The Iranian life insurance segment registered 46.6% growth in 2011, primarily driven by rising consumer awareness of the benefits of insurance and promotional offers from insurance companies. The number of insurance companies rose from 20 in 2008 to 25 in 2011 as a result of privatization.

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