By the end of March 2017, Iranian insurance amassed 277 200 billion IRR (8.54 billion USD) in annual turnover, up by 22.5% in comparison with the 2015/2016 year. Motor and health classes of business stand as the main two activities underwritten in the country. With 109 400 billion IRR (3.3 billion USD), the motor business accounted for 39.5% of the market’s overall premiums. It is followed by the health business which reported 65 200 billion IRR (2.01 billion USD) in premiums by the end of March 2017, that is, a market share of 23.52%.
As for the life class of business, it has posted a turnover of 37 100 billion IRR (1.14 billion USD), which represents 13.38% of the overall premiums written.
In the course of the year in question, the paid losses for the motor business, alone, accounted for 43.4% of the total benefits paid, that is, 78 000 billion IRR (2.4 billion USD).
It is noteworthy that the health business has exhibited the highest loss experience on the market with a loss ratio of 84.87%.
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