Boston, MA -- (SBWIRE) -- 10/27/2012 -- The Iranian life insurance segment accounted for the lowest market share of the Iranian insurance industry. One of the key challenges the segment faces is the problem of adverse selection, a situation where the information asymmetry between policy holders and insurers leads the market into a situation whereby policy holders claim losses that are higher than the average rate used by insurers to set their premiums. The disciplined saving of citizens, in order to support them during retirement, coupled with an underpenetrated market, provides the life insurance segment with positive growth potential over the forecast period. The Iranian government's pro-market policies have included building free trading zones and encouraging privatization.
- The Iranian government's pro-market policies have included building free trade zones and encouraging privatization.
- Despite the global financial crisis, rising public awareness with regards to the importance of having insurance coverage played an important role in the growth of life insurance written premiums.
- Despite the dominance and popularity of brokers, agencies remained the second-largest distribution channel during the review period, a situation which is anticipated to continue over the forecast period.
- Government initiatives have encouraged banks to expand their branch networks, which will increase the potential customer base of the bancassurance channel over the forecast period.
- In order to encourage both domestic and foreign companies to invest in the insurance industry, Bimeh Markazi has enacted laws relating to the issue of permit. According to the new structure, once a request for permit is submitted, permission must be issued within a period of 60 days from the date of submission of the last document.
- The Iranian life insurance segment is concentrated and led by domestic insurers. Iran Insurance Company, a corporation wholly-owned by the government, dominates the segment in terms of gross written premium.
- The leading companies in the Iranian life insurance segment in terms of gross written premium are: Iran Insurance Company, Asia Insurance Company, Dana Insurance Company, Parsian Insurance Company, Alborz Insurance Company, Tose's Insurance Company and Mellat Insurance Company.
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This report provides a comprehensive analysis of the life insurance market in Iran:
- It provides historical values for the Iranian life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Iranian life insurance market, along with market forecasts until 2016
Companies Mentioned in this Report: Iran Insurance Company, Asia Insurance Co., Alborz Insurance Company, Parsian Insurance Company, Dana Insurance Company, Mellat Insurance Company, Moallem Insurance Co., Karafarin Insurance Company, Sina Insurance Company, Tose-eh Insurance Company
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