Life Insurance in Iran, Key Trends and Opportunities to 2020

Published: Aug, 2017 | Pages: 74 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Life Insurance in Iran, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Iranian life 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, 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 Timetric'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.

Summary

Timetric's 'Life Insurance in Iran, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Iranian life insurance segment, including:

• An overview of the Iranian life insurance segment

• The Iranian life insurance segment's growth prospects by category

• A comprehensive overview of the Iranian economy and demographics

• A comparison of the Iranian life insurance segment with its regional counterparts

• The various distribution channels in the Iranian life insurance segment

• Details of the competitive landscape in the life insurance segment in Iran

• Details of regulatory policy applicable to the Iranian insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Iran:

• It provides historical values for the Iranian life 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 life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Iranian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Iran.

• It profiles 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 Iranian life insurance segment, and each category within it.

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

• Assess the competitive dynamics in the life 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.

Key Hightlights

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

• In November 2016, Munich Re agreed to cooperate with CII in conducting training programs.

• In January 2015, the Ministry of Economic Affairs and Finance announced that insurance products and services would be exempt from VAT. This is expected to be implemented by the end of the financial year 2017-18.

• In 2015, 86.1% of the country's population was Muslim. This is expected to provide an advantage to takaful insurance over conventional insurance.

 Table of Contents
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 Assets and investments
5 Distribution Channel Outlook
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Iran Insurance Company - company overview
6.1.2 Asia Insurance Company - company overview
6.1.3 Dana Insurance Company - company overview
6.1.4 Alborz Insurance Company - company overview
6.1.5 Parsian Insurance Company - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Liability insurance for ships with respect to oil pollution
7.4.3 Social security insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Central Insurance of Iran
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and Penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margin
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Assets and Investments
9 Definitions and Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric's Services
10.4 Disclaimer

List of TablesTable 1: Iranian Life Insurance - Key Facts, 2015
Table 2: Iranian Life Insurance - Top Insurers, 2015
Table 3: Iranian Life Insurance - Gross Written Premium (IRR Trillion and US$ Million), 2011-2015
Table 4: Iranian Life Insurance - Penetration (%), 2011-2015
Table 5: Iranian Life Insurance - Gross Written Premium (IRR Trillion and US$ Million), 2015-2020
Table 6: Iranian Life Insurance - Penetration (%), 2015-2020
Table 7: Iranian Life Insurance - Premium per Capita (IRR Thousand and US$), 2011-2015
Table 8: Iranian Life Insurance - Premium per Capita (IRR Thousand and US$), 2015-2020
Table 9: Iranian Life Insurance - Number of Policies Sold (Million), 2011-2015
Table 10: Iranian Life Insurance - Number of Policies Sold (Million), 2015-2020
Table 11: Iranian Life Insurance - Paid Claims (IRR Trillion and US$ Million), 2011-2015
Table 12: Iranian Life Insurance - Paid Claims (IRR Trillion and US$ Million), 2015-2020
Table 13: Iranian Life Insurance - Total Assets (IRR Trillion and US$ Billion), 2011-2015
Table 14: Iranian Life Insurance - Total Assets (IRR Trillion and US$ Billion), 2015-2020
Table 15: Iranian Life Insurance - Total Investment Income (IRR Billion and US$ Million), 2011-2015
Table 16: Iranian Life Insurance - Total Investment Income (IRR Billion and US$ Million), 2015-2020
Table 17: Iranian Life Segment - Leading Insurers, 2015
Table 18: Iran Insurance Company - Key Facts
Table 19: Asia Insurance Company - Key Facts
Table 20: Dana Insurance Company - Key Facts
Table 21: Alborz Insurance Company - Key Facts
Table 22: Parsian Insurance Company - Key Facts
Table 23: Iran - Insurance Regulatory Framework Key Features
Table 24: Iran - Life Insurance Regulatory Framework
Table 25: Iran - Property Insurance Regulatory Framework
Table 26: Iran - Motor Insurance Regulatory Framework
Table 27: Iran - Liability Insurance Regulatory Framework
Table 28: Iran - Corporate Tax Rates for the Financial Year 2017
Table 29: Iranian Life Insurance - Policies and Premium, 2011-2015
Table 30: Iranian Life Insurance - Policies and Premium, 2015-2020
Table 31: Iranian Life Insurance - Claims and Expenses, 2011-2015
Table 32: Iranian Life Insurance - Claims and Expenses, 2015-2020
Table 33: Iranian Life Insurance - Assets and Investments, 2011-2015
Table 34: Iranian Life Insurance - Assets and Investments, 2015-2020
Table 35: Insurance Industry Definitions