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  4. > Iran Insurance Report Q3 2016

Iran Insurance Report Q3 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: We hold a positive outlook for Iran's developing insurance market Gradual reintroduction intothe global economy will boost growth across a range of financial and manufacturing sectors over thecourse of the forecast period through to 2020, driving demand for various non-life products on both agroup and individual basis While basic lines such as motor and health will continue to dominate, we doexpect to see developments in smaller lines such as property, transport and personal accident insurance asthe market matures and diversifies The small life insurance market is also expected to grow, as householdincome rates rise and demographic trends stimulate demand The relaxation of sanctions on Iran is likely toentice more foreign insurers to the market over the next few years, who will face strong competition fromentrenched domestic providers in a fragmented marketplace

Key Updates And Forecasts

- Iran continues to make updates to insurance regulation The Third Party Insurance Bill is progressing andif approved is expected to extend equal claims payments to men and women from insurance firms in theevent of a fatal road traffic accident

- While a number of sanctions against Iran have now been lifted, some restrictions pertaining to theinsurance industry remain in place Some shipping companies transporting Iranian oil have been unableto secure sufficient insurance cover due to restrictions on US based reinsurers While alternative coverhas been secured under the International Group of Protection and Indemnity clubs, coverage levelsremain well below the norm

- The lifting of some sanctions has had a positive impact upon domestic economic growth in Iran and theBMI Country Risk team is forecasting steady GDP growth in the coming years This supports ourforecasts for healthy growth in the non-life sector, where premiums are forecast to grow by double digitrates throughout the forecast period from 2016 to 2020, in local currency terms

- We are also forecasting robust growth in the nascent life insurance sector, with premiums forecast togrow rapidly over the medium term, barring a short-term contraction in US dollar terms due to currencymovements Cultural barriers remain high, however, and as an underdeveloped market the range ofproducts available in the life sector is slim

Table Of Contents

Iran Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Iran 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Iran 2013-2020) 12
Table: Life Insurance Claims (Iran 2008-2013) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Iran 2013-2020) 16
Table: Non-Life Insurance Claims (Iran 2009-2013) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Iran 2013-2020) 28
Insurance Risk/Reward Index 30
MENA Insurance Risk/Reward Index 30
Table: MENA Insurance Risk/Reward Index - Q316 31
Market Overview 32
Life Market Overview 32
Product Offering 32
Competitive Landscape 32
Non-Life Market Overview 33
Product Offering 33
Competitive Landscape 34
Company Profile 36
Bimeh Alborz 36
Bimeh Asia 39
Bimeh Dana 42
Bimeh Iran 45
Parsian Insurance 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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