Iran Insurance Report Q2 2012


                As of early 2012, the data published by Bimeh Markazi Iran, the insurance regulator, suggests that total premiums increased by 27% in Iranian year 1389, which ended in March 2011 (please note this year is shown as 2010 in the tables in this report). This was a lot more than the growth of 15% or so that we, and other commentators had been looking for.   

                 The implication is that non-life penetration has risen decisively above the level at which it had stagnated in 2005-10, specifically 1.1-1.2% of GDP. In the coming months, we will be looking for further details as to what are the key drivers of this growth. It is not impossible that the major insurers have been able to increase prices. We would be amazed, though, if it is significantly because of developments in Iran’s miniscule life insurance sector. One of the defining characteristics of the economy is entrenched high inflation (and expectations) thanks to persistent monetisation of fiscal deficits. This produces an environment in which no prudent person would enter into a long-term savings contract. Unless and until economic policies in Iran change radically, the reality of the insurance sector will fall a long way short of its potential.Iran’s insurance sector has a number of strengths, including scale in terms of gross written premiums per annum. Bimeh Iran, the largest company that is a state-owned enterprise, is one of the largest underwriters in the Middle East and would rate as a reasonably large insurer in most countries. Non-life penetration has, as noted above, consistently remained slightly above 1% of GDP. Among other things, this suggests the regulatory regime is reasonably sound. Iran’s insurers have managed to survive in the face of various challenges – not least of which is the almost complete lack of access to the global reinsurance markets. Unlike in other Middle Eastern countries, Iran’s insurance sector does not consist of a surprisingly large number of sub-scale non-life companies that are offshoots of local business interests that do not have a clear edge in the industry.  
                   
                        The sector is undergoing ‘privatisation’, via listings of companies on the Tehran Stock Exchange, and ‘liberalisation’, in that the decisions over products and pricing are moving from Bimeh Markazi Iran (the regulator and, to a certain extent, provider of reinsurance service) to the insurers themselves. However, in contrast to privatisation in other countries, the deals in Iran are not necessarily reducing government control and are certainly not increasing formerly state-owned companies’ access to capital. The limited data that is available suggests the main impact of ‘liberalisation’ is to transfer resources from shareholders of private sector companies (including the recently ‘privatised’ Bimeh Alborz, Bimeh Asia and Bimeh Dana) to the still state-controlled Bimeh Iran, employees and, to a certain extent, insurance customers.

Iran Insurance Industry-Q2 2012
Published : April 2012        No. of Pages : 69      Price:US$1175
Buy Now    Request Sample
Table Of contents

Executive Summary
Table: Total Premiums, 2009-2016
Key Insights And Key Risks
SWOT Analysis
Iran Insurance Industry SWOT
Iran Political SWOT
Iran Economic SWOT
Iran Business Environment SWOT
Life Sector
Middle East Life Sector Overview
Table: Middle East And Africa Life Premiums, 2008-2016 (US$mn)
Iran Life Sector Update
Life Insurance Industry Forecast Scenario
Table: Total Life Premiums, 2009-2016
Growth Drivers And Risk Management Projections
Population
Table: Insurance Key Drivers, Demographics, 2009-2016
Non-Life Sector
Middle East Non-Life Sector Overview
Table: Middle East And Africa Non-Life Premiums, 2008-2016 (US$mn)
Iran Non-Life Sector
Table: Breakdown Of Gross Written Premiums, 2009-2010 (IRRmn)
Table: Breakdown Of Earned Premiums, 2009-2010 (IRRmn)
Table: Retention Ratios, 2009-2010 (net premiums as % of gross premiums)
Non-Life Insurance Industry Forecast Scenario
Table: Total Non-Life Premiums 2009-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Iran Economic Activity, 2011-2016
Political Stability Outlook
Table: Middle East And Africa Defence And Security Ratings
Healthcare
Health Insurance
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2009-2016
Motor
Table: Insurance Key Drivers, Vehicle Production And Sales, 2009-2016
Islamic Finance
Insurance Risk/Reward Ratings
Table: Iran’s Insurance Risk/Reward Ratings
Table: Middle East And Africa Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Iran’s Insurance Sector
Table: Direct Premiums And Direct Loss, 2006-2010
Table: Total Premiums Growth, 2006-2010
Table: Number Of Insurance Companies And Employees, 2006-2007
Table: Number Of Branches, Agents And Brokers, 2006-2010
Company Profiles
Local Company Profiles
Bimeh Alborz
Bimeh Asia
Bimeh Dana
Bimeh Iran
Parsian Insurance
Regional Company Profiles
Allianz
Arab Insurance Group (ARIG)
Aviva
AXA
Chartis
Generali
MAPFRE
MetLife ALICO
Zurich Financial Services
BMI Methodology
Insurance Risk/Reward Ratings
other reports on  Banking and Financial services @ http://www.marketreportsonline.com/cat/banking-services-market-research.html 

Comments

Post a Comment

Popular posts from this blog

MarketReportsOnline: Indonesia Rubber Industry Analysis

Image
MarketReportsOnline.com adds "Assessment of Indonesia's Rubber Industry Analysis 2015" report to its research store. The global market is currently in its fourth year of surplus of natural rubber. The excess supply situation has caused stocks to pile high and prices are falling steadily. It is expected that global surplus by the year 2020 will be approximately 1 million tons of natural rubber and 3 million tons of synthetic rubber.World demand for natural rubber, which is primarily used to manufacture tires, is cooling down due to the economic downturn in China. Asia accounts for 93% of the world natural rubber production with Thailand being the largest producer followed by Indonesia and Vietnam. Other large rubber producers in the region include India, China and Malaysia. Complete report available at http://www.marketreportsonline.com/442401.html .    China is the world’s largest consumer of natural rubber followed by India and the United States. In
Read more

Latest Guide to Chinese Pharmaceutical GMP Regulations

Image
China possesses a fourth population in the world and has one of the largest drug markets round the world. By 2011, sales on the Chinese drug market have reached RMB 1550 billion (about US$246 billion), an increase of 7.08 fold over 2000 level. A series of factors, such as an increasingly ageing population, accelerating growth of urban population as well as expansion of healthcare covering urban and rural will grow the Chinese drug market with a growth rate over 25 percent per annum in next three years. China is expected to become the second largest drug market in the world by 2015. Since the reform and open door policy implemented by Chinese authorities in the late 1970s, the door of the Chinese drug market began opening up to the world step by step, which not only gave a fillip to the imported drugs from overseas pharmaceutical manufacturers but also attracted overseas investors to establish the foreign investment enterprises, including “Sino-foreign equity joint ventures (EJV)”,
Read more

Construction in Bahrain – Key Trends and Opportunities to 2015

Image
Synopsis This report provides detailed market analysis, information and insights into the Bahrain construction market, including: • Top level overview of the construction industry in Bahrain • Current, historic and forecast market value and trends of individual markets and categories supported by detailed descriptions of individual markets in the industry • Profiles of the top construction companies in Bahrain • Profiles of the ten largest construction projects in Bahrain Summary The Bahrain construction industry had been growing at a robust pace prior to the onset of the global financial crisis. This growth had been fuelled by the country’s long-term efforts to diversify its economy, efforts which have led to the emergence of Bahrain as the financial capital of the Middle East and have also led to many multinational companies establishing their Middle Eastern bases in the country, attracted by favorable tax policies and the country’s strategic location in the center of the Gulf
Read more