Bimeh Markazi Iran/Central Insurance of IR Iran has published a preliminary data summary for the performance report of national insurance industry in 1398/2019-20.
Regarding 59.1 thousand billion toman insurance produced premium and 33.3 thousand billion toman paid loss, the upsurge of both indices were 35.8 and 18.2 percent respectively, compared with last year.
It is noteworthy that Iran Insurance Co. /Bimeh Iran with 31.4, Asia 10.2, Dana 8, Day 8.6, Pasargad 5.5, Alborz 5.3, Parsian 4.8, Kowsar 4.1, and Moallem 4 percent, all account for 80.1 percent of market produced premium and the remaining 19.9 percent relates to 20 other re/insurers. The figures may be subject to minor changes after auditing financial statements.
Excluding outstanding loss, premium reserves, sales network commission, and general administrative expenses, the market loss ratio was 56.3 percent by 8.4-unit reduction. In 1398, three lines of health, accident, and TPL-excess registered higher loss ratio in the market with 73.9, 73.1 and 67.4 percent correspondingly.
Reportedly, 80.7 million insurance policies were issued and nearly 23.9 million claims were paid, representing 14.3 percent boost and 51.7 percent decline, respectively, over the past year. The decrease in paid loss was due to 55.3 percent drop in health insurance, with its major share (87.1 percent) of number of cases related to market paid loss.
The share of non-governmental sector in produced premium and paid loss is 68.6 and 66.1. In addition, the share of three lines, namely TPL-excess, health, and life is 34.5, 22.9, and 14.7 percent from national market produced premium portfolio.