Iran: Motorcyclists in a rush to buy third-party insurance

Source: Middle East Insurance Review | Apr 2017

Iran is seeing a 60% increase in third-party motorcycle insurance purchases since a waiver of penalties for uninsured motorcyclists was extended in early February, said Mr Ali Jabbari, the Director of the Personal Injury Indemnity Fund.

“The number of motorcycle insurance policies sold per day was around 1,800 before the new incentives kicked in, but now it has nearly reached 3,000 per day,” he said.

The Personal Injury Indemnity Fund is offering several incentives. The primary one is related to waiving previous fines for those lacking insurance, reported Financial Tribune.

The incentive, effective since 19 February, was valid until the end of the fiscal year which fell on 20 March 2017, said Mr Jabbari. The waiver is offered by all insurers.

More than 90% of some 10 million motorcyclists in the country are uninsured.

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