Iran: Total premiums reach $7 bln in 2016
Source: Middle East Insurance Review | Apr 2017
Insurers’ total premium income reached IRR229 trillion (US$7.1 billion) for the Iranian year ended 20 March 2016, representing a 75% increase compared with FY2012-13, said Mr Hassan Reza Abbasianfar, Head of the Department for Planning and Development of Central Insurance of Iran (CII).
The country’s insurance penetration rate reached 2.1%, marking a 0.4 percentage point growth during the first three years (2013-2016) of the administration of President Hassan Rouhani and is expected to continue to rise by the end of next year, Mr Abbasianfar said.
Lawmakers have directed CII to take measures to increase the insurance penetration rate to 7% by March 2022.
Life premiums amounted to around IRR27.6 trillion, accounting for about 12.1% of the total premiums earned for the year ended 20 March 2016, and marking a growth of 55% from three years ago, reported Financial Tribune.
The insurance regulator, CII, is promoting life insurance, requiring insurers to separate life insurance reserves from those of other categories and raise public awareness of life insurance.
Lawmakers have also tasked CII to boost the share of life insurance to at least 50% of the industry’s total premium income.
IRR1,000 = US$0.03