Iran Insurance Report Q4 2016

Publisher Name :
Date: 07-Sep-2016
No. of pages: 60

BMI View: Sanctions relief is set to boost the Iranian insurance market as rising household incomes leads

to growth in life, motoring and health lines, which dominate the market. Smaller lines will also grow, but

from a very low base. Sustained growth and market development will require foreign capital and expertise.

An end to sanctions - apart from US sanctions, which will continue to cause hurdles for businesses with

exposure to US markets - will provide opportunities for tie-ups between local and foreign partners.

However, the state will continue to remain a significant player in the market and this could restrict

opportunities for competition among privately owned insurers.

Key Updates And Forecasts

? Iran's life gross written premiums are set to grow 53% from 2015 in US dollar terms to USD1.27bn in

2020, while the non-life sector will grow just 23% over the same period to USD8.97bn.

? Overall claims are likely to rise as a result of a recent Islamic ruling which put women on a parity with

men; in the past, women were only allowed half the level of men in the event of injury, disability or

death. This will lead to increased accident and motoring insurance claims.

? Rising car purchases will lead overall growth in the Iranian insurance sector with mandatory motoring

insurance. The high level of car accidents will also support higher premiums, although improvements in

car safety due to foreign investment in the automotive sector could mitigate the situation.

? Foreign investors are cautious about tie-ups with local partners due to the dominance of state insurance -

particularly Bimeh Iran's 50%+ market share - and the continuation of US sanctions. Washington's

unilateral sanctions are a source of confusion among investors who are exposed to US markets and are

concerned about potential prosecution.

Iran Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Iran 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Iran 2013-2020) 13
Table: Life Insurance Claims (Iran 2008-2014) 14
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Iran 2013-2020) 17
Table: Non-Life Insurance Claims (Iran 2009-2014) 19
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums By Product Line (Iran 2013-2020) 29
Insurance Risk/Reward Index 32
MENA Insurance Risk/Reward Index 32
Table: MENA Insurance Risk/Reward Index - Q416 33
Market Overview 34
Life Market Overview 34
Product Offering 34
Competitive Landscape 34
Non-Life Market Overview 35
Product Offering 35
Competitive Landscape 36
Company Profile 39
Bimeh Alborz 39
Bimeh Asia 42
Bimeh Dana 45
Bimeh Iran 48
Table: Bimeh Iran Financial Results (USD) 50
Parsian Insurance 51
Methodology 54
Industry Forecast Methodology 54
Risk/Reward Index Methodology 57
Table: Indicators 59
Table: Weighting of Indicators 60

List of Tables

Table: Headline Insurance Forecasts (Iran 2013-2020)
Table: Life Premiums (Iran 2013-2020)
Table: Life Insurance Claims (Iran 2008-2014)
Table: Non-Life Premiums (Iran 2013-2020)
Table: Non-Life Insurance Claims (Iran 2009-2014)
Table: Non-Life Insurance Premiums By Product Line (Iran 2013-2020)
Table: MENA Insurance Risk/Reward Index - Q416
Table: Bimeh Iran Financial Results (USD)
Table: Indicators
Table: Weighting of Indicators
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