Iran Life Insurance Market Size, Trends by Line of Business, Distribution Channel, Competitive Landscape and Forecast, 2020-2025
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Iran Life Insurance Market Report Overview
The direct written premium of the Iran life insurance industry was IRR164 trillion ($3.9 billion) in 2021. The market is expected to achieve a CAGR of more than 24% during 2020-2025. The Iran life insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Iran life insurance segment. It also provides values for key performance indicators such as direct written premium, loss ratio, retail and commercial split, premium by line of business, and premium ceded during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Iran’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Additionally, the report includes details of insurance regulations and recent changes in the regulatory structure.
Iran Life Insurance Market Outlook
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Iran Life Insurance Market Trends
Digitalization, Artificial Intelligence (AI), sustainability, and innovative solutions are some of the key market trends impacting the life insurance market in Iran.
Digitalization helps the efficiency of an operation and the data management of insurance companies, as well as in improving customer experience. For instance, Razi Insurance has adopted many products based on digitalization, such as its android-based companion application, known as Hamraz, with the aim of increasing customer satisfaction. Likewise, to build and expand services in the rapidly growing industry, insurance companies, in close collaboration with the regulator, are developing innovative insurance packages. For instance, Baran Life Insurance Company offers online insurance policies, such as life insurance and investment packages based on all risk factors. In addition, in June 2022, the Government of Iran issued a plan to offer life insurance to one million villagers.
Furthermore, AI gives a competitive edge to insurers as it helps in increasing productivity and reducing costs. The Hamraz application developed by Razi Insurance also provides a fraud detection system that uses advanced artificial intelligence algorithms to evaluate the suspiciousness of damage cases and prevent them from happening.
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Iran Life Insurance Market - Competitive Landscape
Some of the leading life insurance companies in Iran are Pasargad Insurance Company, Bimeh Iran Insurance Company, Iran Moein Insurance Company, Karafarin Insurance Company, and Saman Insurance Company.
Bimeh Iran Insurance Company: Bimeh Iran (Iran Insurance Company) was established in 1935. It has seven overseas branches, with five in UAE, and one each in Bahrain and Oman. It provides group health insurance, oil and gas insurance, marine insurance, liability insurance, and travel insurance among others.
Saman Insurance Company: Saman Insurance Company was registered in 2013 to provide commercial insurance services in the field of property, liability, and personal insurance.
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Iran Life Insurance Market Report Overview
Market Size (2021) | IRR164 trillion ($3.9 billion) (DWP) |
CAGR (2020-2025) | >24% |
Leading Companies | Pasargad Insurance Company, Bimeh Iran Insurance Company, Iran Moein Insurance Company, Karafarin Insurance Company, and Saman Insurance Company |
Scope
This report provides:
- Comprehensive analysis of the life insurance segment in Iran.
- Historical values for the Iran life insurance segment for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Iran life insurance segment and market forecasts to 2025.
- Profiles of the top life insurance companies in Iran and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Iran life insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Iran life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Bimeh Iran Insurance Company
Iran Moein Insurance Company
Karafarin Insurance Company
Saman Insurance Company
Bimeh Asia
Parsian Insurance Company
Moallem Insurance Company
Table of Contents
Frequently asked questions
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What was the Iran life insurance industry direct written premium in 2021?
The direct written premium of the Iran life insurance industry was IRR164 trillion ($3.9 billion) in 2021.
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What is the Iran life insurance industry growth rate?
The Iran life insurance industry is expected to achieve a CAGR of more than 24% during 2020-2025.
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What are the leading companies in the Iran life insurance industry?
Some of the key insurance companies in the Iran life insurance industry are Pasargad Insurance Company, Bimeh Iran Insurance Company, Iran Moein Insurance Company, Karafarin Insurance Company, and Saman Insurance Company.
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What are the key insurance products of Bimeh Iran Insurance Company?
Bimeh Iran (Iran Insurance Company) was established in 1935. It provides group health insurance, oil and gas insurance, marine insurance, liability insurance, and travel insurance among others.
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