Iran Insurance Report Q4 2014 - New Market Study Published

Looking ahead to 2015, Iran's insurance sector should post high growth rates, in part skewered by high inflation. The greatest variable in assessing future trends in the sector remains the possibility of the European Union and the United States lifting sanctions. Other long-term challenges including government intervention against market forces will continue to persist throughout the period.

Growthni premiums will be below the market's potential operating capacity. Nonetheless, Iran remains a somewhat rapidly growing market and by regional standards is quite large. The relative size of the non-life segment compared to its life counterpart means that it will be the key source of growth in overall premiums. Within this segment, we identify compulsory motorists' third party insurance (CMPTL) and health insurance as by far the dominant lines. As such much of the driving force behind Iran's insurance market in 2015 and beyond will lie with these sub-sectors.

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The regulator, Bimeh Markazi, has been slow in releasing recent data. The latest reports, from the Iranian full year 1390 (i.e. ending March 2012) and the half year ending August 2012 indicate that total premiums are growing strongly. We believe that this growth is being primarily driven by two lines, Compulsory Motorist Third Party Liability and health insurance. Together they will account for around 87% of the non-life segment in 2015, which in turn comprises around 90% of total premiums. Moreover, many companies have benefitted from distortions from high inflation, which has allowed them to improve their technical records.

This in part accounts for the forecast surge in premium growths over 2015, with both segments anticipating growth levels of 30% or higher. Inflation though has severely hindered the life segment, which is in an embryonic stage of development. In addition, it has discouraged Iranians from utilising life products as a conduit for savings. Looking ahead we believe that this...

The Iran Insurance Report has been researched at source and features Business Monitor International (BMI)'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.

BMI's Iran Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Iranian insurance industry.

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