Recent Study: Iran Insurance Report Q3 2014

Fast Market Research recommends "Iran Insurance Report Q3 2014" from Business Monitor International, now available

[USPRwire, Tue Jul 29 2014] As of mid-2014, there have been some comment s by observers of Iran's insurance sector in relation to the partial easing of sanctions against Iran by the European Union and the United States, which took place in January. However, there is only very limited evidence to suggest that foreign insurers have actually acted. In the meantime, growth continues to be driven by higher (real) prices in compulsory motorists' third party liability (CMPTL) and health insurance, the two lines which account for about 60% of overall activity. Looking forward, we think that the general trends that have clearly been in place for some years will continue to prevail through the forecast period. By regional standards, Iran is, and will remain, a large and quite rapidly growing market opportunity for insurers. However, it will continue to be isolated from global markets for reinsurance and capital. By 2018, it will still be a long way from realising its potential.

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The latest data published by Bimeh Markazi Iran, the insurance regulator, suggest that total premiums continued to develop strongly in Iranian year 1390, which ended in February 2012 (please note this year is shown as 2011 in the tables in this report) and in the six months to the end of August 2012 . We think that the key factors have been higher (real) prices in just two lines - Compulsory Motorists Third Party Liability, and health insurance. We are not convinced, though, that this is evidence of a definitive change for the better in the non-life segment or in the insurance sector as a whole.

In spite of the strong growth in life premiums, we remain of the view that the segment is expanding from a very low base and is still in an embryonic stage of development. 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...

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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