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 def...