Market Trends of Iran Property & Casualty Insurance Industry
This section covers the major market trends shaping the Iran Property & Casualty Insurance Market according to our research experts:
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%.
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.
