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Iran

Iran

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Iran Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Iran includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Iran can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Latest GWP
Insurance Penetration (%)
GMT +4:30
Tehran
IRR
83.99 mn
(0.54)
31.25%
280,314,344
2.76

Iranian insurance can be traced to 1911 when two Russian companies, Nededja and Kafkaz Mercury, established branches. The market today continues to be affected by sanctions which include restrictions or on insurance, reinsurance, financial services and marine activities. 

In 2019 there were 25 onshore insurance companies of which one was the wholly state-owned Bimeh Iran, and also four insurers licensed in the free trade zone. There is one state reinsurer and one other onshore reinsurance company, one reinsurer licensed in the free trade zone and two P&I clubs.

The comparatively high growth rate of the insurance market reported by Bimeh Markazi for recent years must also be viewed in the light of the prevailing and ongoing economic environments, characterised by comparatively high rates of inflation and falling exchange rates, It is thought that the life reinsurance market has been less affected than the non-life market by Iran's isolation (partially because most life reinsurance capacity has historically been largely supplied internally within the market).

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