Insurers' total premium income reached IRR229 trillion (US$6 billion) for the Iranian year ended 20 March 2016, representing a 75% increase compared with FY2012-13, three years ago, said the head of the Department for Planning and Development of Central Insurance of Iran (CII).
The insurance penetration rate has reached 2.1% to mark a 0.4 percentage point growth during the first three years of the administration of President Hassan Rouhani (2013 -16) and it will continue to rise by the end of next year, Mr Hassan Reza Abbasianfar said.
Lawmakers have directed CII to take measures to increase the insurance penetration rate to 7% by March 2022.
Life insurance 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, has been working on plans to promote life insurance, requiring insurers to separate life insurance reserves from those of other categories and raise public awareness about the advantages 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.