2014-04-04 15:33:05 - Non-Life Insurance in Iran, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Iranian non-life insurance segment´s performance during the review period was strongly influenced by GDP growth and an increase in the motor insurance category, driven by compulsory motor third-party liability insurance and the rising number of road accidents. A rise in premium cost also supported the growth of the segment.
In the presence of such factors, the segment rose from IRR31.9 trillion (US$3.2 billion) in 2008 to IRR66.5 trillion (US$6.65 billion) in 2012, at a review-period CAGR of 20.1%. The threat of natural disasters, an anticipated growth in GDP, and growth in the property, motor and industrial sectors over the forecast period is expected to encourage future segment growth at a CAGR of 14.0% to reach IRR127.9 trillion (US$12.8 billion) in
Iran has one of the highest road accident rates in the world with 28,000 people killed and 300,000 people injured every year. Improving economic conditions in the country also drove growth in the non-life segment during the review period, particularly in the property and motor categories.
Property insurance was the second-largest category in the non-life segment in 2012, accounting for 11.9% of the segment´s written premiums. The non-life segment recorded its highest growth rate of 46.0% in 2011 following the Iranian government´s initiative to make motor third-party liability insurance compulsory in the same year.
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