Market Size of Iran Property & Casualty Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Iran Property & Casualty Insurance Market Analysis
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.
