The life insurance accounts for only 9.2% of the total gross insurance premiums underwritten in the country. However, the scenario is changing rapidly as indicated by the increased share of life premiums in the overall insurance industry of the country, from 5.6% in 2007 to 9.2% in 2012. The various initiatives taken by the central market regulator Bimeh Markazi as per the Fifth Five Year Development Plan (FYDP) to expand the life insurance market of the country such as opening the market and introducing new products such as annuity, housewives’ annuity, disability insurance and coverage for disasters such as earthquake and fire has helped in making the life insurance products popular among the people of the country. To increase the awareness level, the regulator is also campaigning to educate the population on benefits of life insurance to manage their health and wealth. Besides this the growing population which is expected to reach 84.9 million in 2017 is also expected to propel the growth of the life insurance market of the country as the potential buyers for the life products will increase.
“The life and health insurance segment is projected to be the fastest growing segment in the insurance market of Iran during 2013-2017” – According to the research report ‘Iran Insurance Industry Outlook to 2017 – Growth Steered by Rising Health Insurance Penetration’ by Ken Research.
The growing awareness among the population and rising inclination to purchase savings products owing to the economic uncertainty looming in the country would be the key drivers of the life insurance market of Iran.
The report provides detailed overview on the insurance market in Iran and helps reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, insurance companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.
For More Details Please Click On Following Link:
http://www.kenresearch.com/banking-financial-service-insurance/insurance/iran-insurance-market-research-report/427-93.html
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