PROPERTY AND CASUALTY INSURANCE MARKET IN IRAN - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Property and Casualty Insurance in Iran can be segmented by Product Type (Motor Insurance, Fire Insurance, Liability Insurance, Marine, Aviation and Engineering, and Other P&C) and Distribution Channel (Direct Sales, Agent, Brokers, Banks, and Others)

Market Snapshot

Property and Casualty Insurance in Iran
Study Period: 2018-2027
Base Year: 2021
CAGR: <4 %

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Market Overview

The Iranian economy was the hardest hit economy by the COVID-19 pandemic in Asia. The pandemic has exacerbated the already existing challenges, as well as the economic pressure of sanctions. The pandemic resulted in the decline of the GDP and a rapid rise in unemployment in the country. However, property and casualty insurance showed growth despite the crumbled economy due to pandemics.

The gross premium for the overall insurance sector is showing remarkable growth in double-digit over the years. Almost all property and casualty insurance segments such as Fire, Motor PD/ Third party, Liability, Marine, Aviation, and Engineering showed a growth rate for the year 2020/21. Iran insurance is rapidly embracing technology for insurance underwriting and distribution. Another notable move in the course of underwriting is the gradual deployment of paperless insurance policies, which contributes to a rise in overall satisfaction and a drop in the personal approach to insurance. Another important aspect of the supervisory body's recent policymaking in Iran's Insurance landscape is the definition of premium rates as well as terms and conditions of policies that do not conform to inflation rates, as well as the emphasis on psychological security rather than profit, which clearly distinguishes this industry from others.

Scope of the Report

Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of the Property and Casualty insurance market in Iran. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Iran. Property and Casualty Insurance in Iran can be segmented by Product Type (Motor Insurance, Fire Insurance, Liability Insurance, Marine, Aviation and Engineering, and Other P&C) and Distribution Channel (Direct Sales, Agent, Brokers, Banks, and Others)

By Product Type
Fire Insurance
Motor PD
Motor TPL
Liability Insurance
Marine, Aviation & Engineering
Other P&C
By Distribution Channel
Direct Sales
Agents
Brokers
Banks
Other Distribution Channel

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Key Market Trends

The Premium Written for Various segment of Property and Casualty Insurance is on Rise.

For 2020/21 all the segments of property and casualty insurance in Iran showed remarkable growth. Insurance classes yielded acceptable growth and an increased volume of premiums for all of them. The largest increase in premium was seen in the Marine Hull and Oil and Energy Insurance segment, while the segments such as Fire, Motor PD, Motor TP, Liability, and Aviation insurance also showed above-average growth for the premium. All the segments of Iran insurance showed growth in premium for the year. As a result, the overall growth rate of direct written premium for the year was 37.9%.

Property and Casualty Insurance in Iran

Motor TPL Represent the Largest Segment for both Premium Written and Paid Loss

The total premium for the Motor Third Party Liability insurance was IRR 275,229 for the year, which increased by more than 30% compared to that of the previous year and represented the single largest segment in the Iran Insurance landscape, contributing to almost one-third of the total premium written in industry. Similarly, Motor TPL paid a loss of IRR 176,013 Billion which was 26.2% more than that of the previous year and represented around 40% of the total paid loss in the Iran insurance market. This is mainly attributed to the upsurge in the court reward for blood money -dieh in Islamic law- and the number of car accidents. It is notable that 46.5 percent of the market total paid loss belongs to motor TPL & PD.

Property and Casualty Insurance in Iran

Competitive Landscape

The Iranian Property and Casualty Insurance market is highly competitive. There are a total of 32 private insurers operating in the Iran insurance market along with one state-owned insurer. Iran Insurance has a total of 33 companies with 1,384 branches. There are 1082 brokers with 39,580 general agents. Major players in the segment include Raazi Insurance, Taavon Insurance, Parsian Insurance, Asia Insurance, etc.

Major Players

  1. Asia Insurance

  2. Persian Insurance

  3. Alborz Insurance

  4. Razi Insurance

  5. Karafarin Insurance

  6. Day Insurance

Iran 1.png

Recent Developments

· In March 2021, Day Insurance launched its new web application. With the new application, customers would be able to buy insurance online, view the records of insurance online and utilize various other services provided by the company. In addition to providing customer service, this application provides the possibility of marketing and issuing insurance policies with the aim of empowering the sales network for agents and digital marketers.

· In March 2021, Regulatory Authority in Iran approved the launch of the Tehran Reinsurance company. It is the fifth reinsurance company to be established in Iran. In recent times the Central Insurance of Iran, which is the agency in charge of regulating the country’s insurance industry, said that it had received 30 applications for setting up new re/insurance firms in the country.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Driver

    3. 4.3 Market Restraints

    4. 4.4 Insight on Technology Adoption in the Market

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of Covid 19 on market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Fire Insurance

      2. 5.1.2 Motor PD

      3. 5.1.3 Motor TPL

      4. 5.1.4 Liability Insurance

      5. 5.1.5 Marine, Aviation & Engineering

      6. 5.1.6 Other P&C

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct Sales

      2. 5.2.2 Agents

      3. 5.2.3 Brokers

      4. 5.2.4 Banks

      5. 5.2.5 Other Distribution Channel

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Asia Insurance

      2. 6.2.2 Persian Insurance

      3. 6.2.3 Alborz Insurance

      4. 6.2.4 Razi Insurance

      5. 6.2.5 Karafarin Insurance

      6. 6.2.6 Day Insurance

      7. 6.2.7 Iran Insurance Company

      8. 6.2.8 Pasargad Insurance Company

      9. 6.2.9 Moallem Insurance Company

      10. 6.2.10 Kowsar Insurance Company*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT

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Frequently Asked Questions

The Iran Property & Casualty Insurance Market market is studied from 2018 - 2027.

The Iran Property & Casualty Insurance Market is growing at a CAGR of <4% over the next 5 years.

Asia Insurance, Persian Insurance, Alborz Insurance, Razi Insurance, Karafarin Insurance, Day Insurance are the major companies operating in Iran Property & Casualty Insurance Market.

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