Personal Accident and Health Insurance in Iran, Key Trends and Opportunities to 2020

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Published: August 16, 2017 Report Code: GD-IS1549MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Iran, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Iranian personal accident and health insurance segment, and a comparison of the Iranian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Iranian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Iran:

• It provides historical values for the Iranian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Iranian personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Iranian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Iran.

• It profiles the top personal accident and health insurance companies in Iran, and outlines the key regulations affecting them.

Key Highlights

• In March 2017, Iran’s Guardian Council, a 12–member body, approved the Third Party Insurance Bill. This will ensure no gender discrimination while compensating to road accident victims.

• In February 9, 2017, the Central Insurance of Iran (CII) and Central Bank of Armenia signed an agreement of mutual cooperation between insurance and reinsurance business.

• Traffic accidents in Iran cause a daily loss of IRR320.0 billion (US$8.5 million), which in a year amounts to 8% of the country’s gross domestic product.

• In December 15, 2016, the Audit Organization of Iran (AIO) published a circular mandating all large listed companies, including banks, insurance companies and other financial institutions, to comply with International Financial Reporting Standards (IFRS) from March 2017.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Iranian personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Iranian personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Iranian insurance industry, and their impact on companies and the industry's future.

Iran Insurance Company
Asia Insurance Company
Dana Insurance Company
Alborz Insurance Company
Parsian Insurance Company
Sina Insurance Company
Pasargad Insurance Company
Kosar Insurance Company
Toseh-eh Insurance Company

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Iran Insurance Company – company overview

7.1.2 Asia Insurance Company – company overview

7.1.3 Dana Insurance Company – company overview

7.1.4 Alborz Insurance Company – company overview

7.1.5 Parsian Insurance Company – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Liability insurance for ships with respect to oil pollution

8.4.3 Social security insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Central Insurance of Iran

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Personal Accident Insurance

9.5 Health Insurance

9.6 Health Insurance by Product

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Iranian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Iranian Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Iranian Personal Accident and Health Insurance – Gross Written Premium (IRR Trillion and US$ Billion), 2011–2015

Table 4: Iranian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 5: Iranian Personal Accident and Health Insurance – Gross Written Premium (IRR Billion and US$ Billion), 2015–2020

Table 6: Iranian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 7: Iranian Personal Accident and Health Insurance – Premium per Capita (IRR Thousand and US$), 2011–2015

Table 8: Iranian Personal Accident and Health Insurance – Premium per Capita (IRR Thousand and US$), 2015–2020

Table 9: Iranian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2015

Table 10: Iranian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2015–2020

Table 11: Iranian Personal Accident and Health Insurance – Paid Claims (IRR Trillion and US$ Billion), 2011–2015

Table 12: Iranian Personal Accident and Health Insurance – Paid Claims (IRR Trillion and US$ Billion), 2015–2020

Table 13: Iranian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 14: Iranian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 15: Iranian Personal Accident and Health Insurance – Total Assets (IRR Trillion and US$ Billion), 2011–2015

Table 16: Iranian Personal Accident and Health Insurance – Total Assets (IRR Trillion and US$ Billion), 2015–2020

Table 17: Iranian Personal Accident and Health Insurance – Total Investment Income (IRR Trillion and US$ Million), 2011–2015

Table 18: Iranian Personal Accident and Health Insurance – Total Investment Income (IRR Trillion and US$ Million), 2015–2020

Table 19: Iranian Personal Accident and Health Insurance – Direct Written Premium by Category (IRR Trillion), 2011–2015

Table 20: Iranian Personal Accident and Health Insurance – Direct Written Premium by Category (IRR Trillion), 2015–2020

Table 21: Iranian Personal Accident Insurance – Direct Written Premium (IRR Trillion and US$ Million), 2011–2015

Table 22: Iranian Personal Accident Insurance – Direct Written Premium (IRR Trillion and US$ Million), 2015–2020

Table 23: Iranian Personal Accident Insurance – Number of Policies Sold (Million), 2011–2015

Table 24: Iranian Personal Accident Insurance – Number of Policies Sold (Million), 2015–2020

Table 25: Iranian Personal Accident Insurance – Paid Claims (IRR Trillion and US$ Million), 2011–2015

Table 26: Iranian Personal Accident Insurance – Paid Claims (IRR Trillion and US$ Million), 2015–2020

Table 27: Iranian Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 28: Iranian Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 29: Iranian Health Insurance – Direct Written Premium (IRR Trillion and US$ Billion), 2011–2015

Table 30: Iranian Health Insurance – Direct Written Premium (IRR Trillion and US$ Billion), 2015–2020

Table 31: Iranian Health Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 32: Iranian Health Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 33: Iranian Health Insurance – Paid Claims (IRR Trillion and US$ Billion), 2011–2015

Table 34: Iranian Health Insurance – Paid Claims (IRR Trillion and US$ Billion), 2015–2020

Table 35: Iranian Health Insurance – Loss Ratio (%), 2011–2015

Table 36: Iranian Health Insurance – Loss Ratio (%), 2015–2020

Table 37: Iranian Personal Accident and Health Insurance – Leading Insurers, 2015

Table 38: Iran Insurance Company – Key Facts

Table 39: Asia Insurance Company – Key Facts

Table 40: Dana Insurance Company – Key Facts

Table 41: Alborz Insurance Company – Key Facts

Table 42: Parsian Insurance Company – Key Facts

Table 43: Iran – Insurance Regulatory Framework Key Features

Table 44: Iran – Life Insurance Regulatory Framework

Table 45: Iran – Property Insurance Regulatory Framework

Table 46: Iran – Motor Insurance Regulatory Framework

Table 47: Iran – Liability Insurance Regulatory Framework

Table 48: Iran – Corporate Tax Rates for the Financial Year 2017

Table 49: Iranian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 50: Iranian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 51: Iranian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 52: Iranian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 53: Iranian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 54: Iranian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 55: Iranian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 56: Iranian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 57: Iranian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 58: Iranian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 59: Iranian Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 60: Iranian Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 61: Insurance Industry Definitions

Figures

Figure 1: Iranian Real GDP (IRR Quadrillion), 2012–2021

Figure 2: Iranian Consumer Price Inflation (%), 2012–2021

Figure 3: Iranian Current Account Balance as Percentage of GDP (%), 2012–2021

Figure 4: IRR-US$ Exchange Rate, 2011–2020

Figure 5: Iranian Unemployment Rate, 2012–2021

Figure 6: Iranian Population by Age Group, 1996–2025

Figure 7: Iranian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Iranian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Iranian Personal Accident and Health Insurance – Gross Written Premium (IRR Trillion), 2011–2020

Figure 10: Iranian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 11: Iranian Personal Accident and Health Insurance – Premium per Capita (IRR Thousand), 2011–2020

Figure 12: Iranian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2020

Figure 13: Iranian Personal Accident and Health Insurance – Paid Claims (IRR Trillion), 2011–2020

Figure 14: Iranian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 15: Iranian Personal Accident and Health Insurance – Total Assets (IRR Trillion), 2011–2020

Figure 16: Iranian Personal Accident and Health Insurance – Total Investment Income (IRR Trillion), 2011–2020

Figure 17: Iranian Personal Accident and Health Insurance – Direct Written Premium by Category (IRR Trillion), 2011–2020

Figure 18: Iranian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 19: Iranian Personal Accident Insurance – Direct Written Premium (IRR Trillion), 2011–2020

Figure 20: Iranian Personal Accident Insurance – Number of Policies Sold (Million), 2011–2020

Figure 21: Iranian Personal Accident Insurance – Paid Claims (IRR Trillion), 2011–2020

Figure 22: Iranian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (IRR Trillion and %), 2011–2020

Figure 23: Iranian Health Insurance – Direct Written Premium (IRR Trillion), 2011–2020

Figure 24: Iranian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 25: Iranian Health Insurance – Paid Claims (IRR Trillion), 2011–2020

Figure 26: Iranian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (IRR Trillion and %), 2011–2020

Figure 27: Iran – Insurance Supervision and Control at Various Levels

Figure 28: Iran – Insurance Regulatory Frameworks for Company Registration and Operation

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