New Insurance research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/11/2013 -- The Iranian non-life insurance segment's performance during the review period was strongly influenced by GDP growth and an increase in the motor insurance category, driven by compulsory motor third-party liability insurance and the rising number of road accidents. A rise in premium cost also supported the growth of the segment. In the presence of such factors, the segment rose from IRR31.9 trillion (US$3.2 billion) in 2008 to IRR66.5 trillion (US$6.65 billion) in 2012, at a review-period CAGR of 20.1%. The threat of natural disasters, an anticipated growth in GDP, and growth in the property, motor and industrial sectors over the forecast period is expected to encourage future segment growth at a CAGR of 14.0% to reach IRR127.9 trillion (US$12.8 billion) in 2017.
- GDP growth, foreign investments, a high road accident rate and compulsory motor insurance drove written premiums in the non-life segment to increase from IRR31.9 trillion (US$3.2 billion) in 2008 to IRR66.5 trillion (US$6.65 billion) in 2012
- Iran has one of the highest road accident rates in the world with 28,000 people killed and 300,000 people injured every year.
- Improving economic conditions in the country also drove growth in the non-life segment during the review period, particularly in the property and motor categories
- Property insurance was the second-largest category in the non-life segment in 2012, accounting for 11.9% of the segment's written premiums
- The non-life segment recorded its highest growth rate of 46.0% in 2011 following the Iranian government's initiative to make motor third-party liability insurance compulsory in the same year
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the non-life insurance market in Iran:
- It provides historical values for Iran's non-life insurance market for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Iran's non-life insurance market, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for non-life insurance products in Iran
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Iran for the non-life insurance business
- It provides a detailed analysis of the reinsurance market in Iran and its growth prospects
- It profiles the top non-life insurance companies in Iran and outlines the key regulations affecting them
Reasons to Get This Report
- Make strategic business decisions using historic and forecast market data related to the Iranian non-life insurance market and each sector within it
Companies Mentioned in this Report: Iran Insurance Company, Asia Insurance Co., Alborz Insurance Co., Parsian Insurance Co., Dana Insurance Co., Toseh-eh Insurance Co., Karafarin Insurance Co., Mellat Insurance Co.
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