Iran Property & Casualty Insurance Market Size (2024 - 2029)

The property and casualty insurance market in Iran has demonstrated resilience and growth despite the economic challenges exacerbated by the COVID-19 pandemic and sanctions. This sector has experienced significant expansion in its market size, with various segments such as Fire, Motor, Liability, Marine, Aviation, and Engineering showing positive growth trends. The industry is increasingly adopting technology for underwriting and distribution, including the use of paperless policies, which enhances customer satisfaction. Additionally, recent regulatory changes in Iran's insurance landscape focus on defining premium rates and policy terms that align with inflation, prioritizing psychological security over profit, which sets this market apart from others.

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Market Size of Iran Property & Casualty Insurance Industry

Property and Casualty Insurance in Iran
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

Iran Property & Casualty Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

Iran Property & Casualty Insurance Industry Segmentation

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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Iran Property & Casualty Insurance Market Size Summary

The property and casualty insurance market in Iran has demonstrated resilience and growth despite the economic challenges posed by the COVID-19 pandemic and ongoing sanctions. The sector has seen a significant increase in gross premiums across various segments, including Fire, Motor PD/Third Party, Liability, Marine, Aviation, and Engineering. This growth is attributed to the industry's embrace of technology, such as the adoption of paperless insurance policies, which has enhanced customer satisfaction and streamlined operations. The regulatory environment has also played a crucial role, with policies focusing on stabilizing premium rates and terms in line with inflation, and prioritizing psychological security over profit. This strategic approach has helped differentiate the property and casualty insurance sector from other industries in Iran.

The competitive landscape of Iran's property and casualty insurance market is marked by the presence of numerous private and state-owned insurers, with major players like Raazi Insurance, Taavon Insurance, and Parsian Insurance leading the charge. The market is further bolstered by the activities of brokers and general agents, facilitating a robust distribution network. Recent developments, such as the launch of digital platforms by insurers like Day Insurance and the establishment of new reinsurance companies, underscore the sector's commitment to innovation and expansion. The Central Insurance of Iran's approval of new re/insurance firms highlights the growing interest and potential for further market development.

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Iran Property & Casualty Insurance Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Driver

    3. 1.3 Market Restraints

    4. 1.4 Insight on Technology Adoption in the Market

    5. 1.5 Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Insight on Various Government Regulations in the Market

    7. 1.7 Impact of Covid 19 on market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product Type

      1. 2.1.1 Fire Insurance

      2. 2.1.2 Motor PD

      3. 2.1.3 Motor TPL

      4. 2.1.4 Liability Insurance

      5. 2.1.5 Marine, Aviation & Engineering

      6. 2.1.6 Other P&C

    2. 2.2 By Distribution Channel

      1. 2.2.1 Direct Sales

      2. 2.2.2 Agents

      3. 2.2.3 Brokers

      4. 2.2.4 Banks

      5. 2.2.5 Other Distribution Channel

Iran Property & Casualty Insurance Market Size FAQs

The Iran Property & Casualty Insurance Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)

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

Iran Property & Casualty Insurance Report Snapshots

PROPERTY AND CASUALTY INSURANCE MARKET IN IRAN Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)