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Iran Insurance Report Q1 2010
Business Monitor International, Jan 2010, Pages: 67
The Iran Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Iran's insurance industry.
This report differs from previous reports in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice, almost always the national insurance regulator or the national insurance trade association). For instance, Iran’s insurance sector continues to be dominated by large state-owned companies: Bimeh Iran, Bimeh Asia, Bimeh Alborz and Bimeh Dana, which together hold about 75% of the market share of gross written premiums. Sixteen private companies account for the remaining 25% market share, including Bimeh Moallem, Bimeh Parsian, Bimeh Karafarin and Bimeh Razi.
In this report, we also provide a breakdown of the insurance sector by line – from the point of view of the regulator or trade association. In Iran in 2008, comprehensive motor insurance (presumably compulsory motor third party liability, CMTPL) was the largest line in the non-life segment – accounting for about half of gross written premiums. Other major lines included motor (CASCO), health, fire and liability insurance.
At the time of writing, in January 2010, we have been able to ensure that the report includes actual data for 2008. We have also generally been able to use data that has been published during 2009 to adjust our forecasts for the year as a whole and have extended forecasts to 2014. We expect total premiums in 2009 of IRR50,889,347mn. This includes non-life premiums of IRR48,223,890mn and life premiums of IRR2,665,457mn. In 2014, the corresponding figures are forecast to be IRR156,617,141mn IRR152,045,412mn and IRR4,571,728mn respectively. In terms of the key drivers that underpin our forecasts, we expect for non-life penetration to rise from 1.30% in 2009 to 1.81% in 2014, and for life density to rise from just under US$4 per capita to over US$5. BMI’s insurance industry Business Environment Rating for Iran is 35.7.
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