AN OVERVIEW OF IRAN INSURANCE INDUSTRY

Supervisory and Regulatory Body

The Iranian Insurance Industry is regulated and supervised by Central Insurance of Iran which is an independent institution established in the form of State Owned Company.

Central Insurance of Iran is also empowered to carry out Compulsory and Non-Compulsory Reinsurance Business. In 2017, as the Obligatory Reinsurance, all Direct Insurance Companies are obliged to cede 13 percent of their non-life business and 23 percent of their life business to Central Insurance of Iran.

 

Market Players and Sales Network

In 2017, 27 Direct Insurance Companies (including one State Owned and 26 Private Direct Insurance Companies), as well as 2 Reinsurance Companies are providing insurance and reinsurance services in the Iranian market.

Insurance Companies render their services through 1,037 Branches, a network of 34,000 Agents and 591 Brokers.

 

Major Acts

 

 

Market Key Figures

 

Title Business Unit Figures in 2016 World Rank
Premium Volume Life Millions of USD 1,209 55
Premium Volume Non-life Millions of USD 7,717 34
Premium Volume Total Millions of USD 8,926 42
Insurance Density Total USD 112 68
Insurance Penetration Total (%) 1.90 62
Iran GDP Billions of USD 404 28
Population Millions 79.9