Reinsurance in Iran, Key Trends and Opportunities to 2018

Date: 2015-09

“The Iranian reinsurance segment was relatively stable during the review period, despite the global economic crisis. In terms of gross written premium, facultative reinsurance held the largest proportion of the Iranian reinsurance segment with a 51.5% share in 2013, followed by treaty reinsurance with 48.5%. Treaty reinsurance is expected to hold the largest segmental share over the forecast period, however, with 57.0% in 2018. The frequent occurrence of natural disasters, as well as insurers’ preference for issuing a particular type of insurance is expected to drive the growth of treaty reinsurance over the forecast period.
The Iranian reinsurance segment grew at a compound annual growth rate (CAGR) of 31.8% during the review period (2009–2013). Despite the global economic crisis, the segment registered annual growth of 16.3% in 2009. Iranian reinsurance had the world’s highest annual growth rate in 2011, with 44.3%. In the same year, the uptake of motor third-party liability policies, along with the introduction of compulsory motor third-party liability insurance, supported the growth of the reinsurance segment. According to Article 71 of the Insurance Law, both life and non-life insurers must cede 50.0% of their premium to the Iranian Central Insurance (Bimeh Markhazi), which dominates the reinsurance segment, and also regulates, expands and guides the overall industry. The growth of all three primary segments is expected to advance the growth of reinsurance over the forecast period (2013–2018).”

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