(MENAFNEditorial)
Looking ahead to 2015 Iran's insurance sector should post high growth rates in part skewered by high inflation. The greatest variable in assessing future trends in the sector remains the possibility of the European Union and the United States lifting sanctions. Other long-term challenges including government intervention against market forces will continue to persist throughout the period.
Growthni premiums will be below the market's potential operating capacity. Nonetheless Iran remains a somewhat rapidly growing market and by regional standards is quite large. The relative size of the non-life segment compared to its life counterpart means that it will be the key source of growth in overall premiums. Within this segment we identify compulsory motorists' third party insurance (CMPTL) and health insurance as by far the dominant lines. As such much of the driving force behind Iran's insurance market in 2015 and beyond will lie with these sub-sectors.
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The regulator Bimeh Markazi has been slow in releasing recent data. The latest reports from the Iranian full year 1390 (i.e. ending March 2012) and the half year ending August 2012 indicate that total premiums are growing strongly. We believe that this growth is being primarily driven by two lines Compulsory Motorist Third Party Liability and health insurance. Together they will account for around 87% of the non-life segment in 2015 which in turn comprises around 90% of total premiums. Moreover many companies have benefitted from distortions from high inflation which has allowed them to improve their technical records.
This in part accounts for the forecast surge in premium growths over 2015 with both segments anticipating growth levels of 30% or higher. Inflation though has severely hindered the life segment which is in an embryonic stage of development. In addition it has discouraged Iranians from utilising life products as a conduit for savings. Looking ahead we believe that this...
The Iran Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments key growth drivers and risk management projections including the macroeconomic situation government policy regulatory environment and the level of development and potential for growth broken down by line. Leading insurers are profiled covering premiums products and services and competitive positioning.
BMI's Iran Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Iranian insurance industry.
Key Benefits
* Benchmark BMI's independent insurance industry forecasts for Iran to test other views - a key input for successful budgeting and strategic business planning in Iran's insurance market.
* Target business opportunities and risks in Iran through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI's key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
Regional Outlook
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
Premiums: Total (US$mn) growth (% y-o-y) penetration (% of GDP) density (US$ per capita) for Life and Non-Life sectors and total premiums.
Life: Data on gross written premiums for all major non-life segments (e.g. motor fire work).
Non-life: Data on gross written premiums for all major life segments (e.g. life retirement).
Economic: Nominal GDP (US$bn) real GDP growth (%) GDP per capita (US$) population (mn) unemployment (%) exchange rate (against US$).
Competitive Landscape & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
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