New Market Report: Iran Insurance Report Q3 2016

We hold a positive outlook for Iran's developing insurance market. Gradual reintroduction into the global economy will boost growth across a range of financial and manufacturing sectors over the course of the forecast period through to 2020, driving demand for various non-life products on both a group and individual basis . While basic lines such as motor and health will continue to dominate, we do expect to see developments in smaller lines such as property, transport and personal accident insurance as the market matures and diversifies. The small life insurance market is also expected to grow, as household income rates rise and demographic trends stimulate demand. The relaxation of sanctions on Iran is likely to entice more foreign insurers to the market over the next few years, who will face strong competition from entrenched domestic providers in a fragmented marketplace.

Key Updates And Forecasts

Iran continues to make updates to insurance regulation. The Third Party Insurance Bill is progressing and if approved is expected to extend equal claims payments to men and women from insurance firms in the event of a fatal road traffic accident.

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While a number of sanctions against Iran have now been lifted, some restrictions pertaining to the insurance industry remain in place. Some shipping companies transporting Iranian oil have been unable to secure sufficient insurance cover due to restrictions on US based reinsurers. While alternative cover has been secured under the International Group of Protection and Indemnity clubs, coverage levels remain well below the norm.

The lifting of some sanctions has had a positive impact upon domestic economic growth in Iran and the BMI Country Risk team is forecasting steady GDP growth in the coming years. This supports our forecasts for healthy growth in the non-life sector, where premiums are forecast to grow by double digit rates throughout the forecast period from 2016 to 2020, in local currency terms.

We are also forecasting robust growth in the nascent life insurance sector, with premiums forecast to grow rapidly over the medium term, barring a short-term contraction in US dollar terms due to currency movements. Cultural barriers remain high, however, and as an underdeveloped market the range of products available in the life sector is slim.

The Iran Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

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