(MENAFNEditorial)
We have revised down our forecasts for the Iranian insurance market as a whole and are now predicting a slight fall across the sector. This is largely attributable to continued western sanctions which have suppressed wider macroeconomic growth. However the recent framework nuclear agreement may provide the stimulus for high rates of growth over the second half of the year if financial and oil-related sanctions are lifted even partially.
The Iranian insurance market is by regional standards developed. Taking into account the relative size of the non-life segment relative to its life counterpart; it will remain the key source of growth for the sector as a whole. Compulsory motorists' third party insurance (CMPTL) and health insurance remain by far the dominant lines. These will constitute the greatest driving forces behind the increase in premiums over 2015.The regulator and leading insurers continues to provide only limited data. However recent information suggests that total premiums are growing strongly.
Full Report Details at
- http://www.fastmr.com/prod/987487_iran_insurance_report_q3_2015.aspx?afid=101
Historically the interrelated issues of sanctions and structurally high inflation have impeded the development of Iran's insurance sector. Sanctions have limited local insurers' access to global reinsurance markets in turn adversely affecting retention ratios and insurers' profitability levels. Sanctions have also contributed to high annual inflation by driving up the price of goods. Rising inflation has been made worse by the government's decision to monetise its deficit rather than implement unpopular sweeping subsidies cuts. Overall high inflation has been a huge disincentive for households that might otherwise enter into a long-term contract with a life insurance company. Nevertheless with gross premiums of USD9bn in 2015 it rates as a substantial market opportunity in regional terms.
Looking ahead the recent framework agreement between Iran and international powers over its nuclear programme could give the insurance sector a...
The Iran Insurance Report has been researched at source and features BMI Research'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.
BMI Industry Forecasts
Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
* Life/non-life Premiums: Total premium growth (USDmn) premium growth (% y-o-y) penetration (% of GDP) density (USD per capita) for Life and Non-Life sectors claims reinsurance and assets and liabilities.
* Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor transport property personal accident health general liability and credit financial).
BMI’s Insurance Risk Reward Index
BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points to provide an indices of highest to lowest appeal to investors with each position explained.
Company Profiles*
Examines the competitive positioning and short- to medium-term business strategies of key industry players. 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.
Growth Drivers & Risk Management Projections
Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
* Population: Male/female by age group active/pensionable/youth population % of total urban/rural population % of total.
* Freight: Tonnage – air freight rail freight road freight inland waterway.
* Motor: Fleet size by type of vehicle % change y-o-y.
* Epidemiology: Disease Adjusted Life Years and private health expenditure.
Market Overview & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Sources
The insurance Reports draw on an extensive network of primary sources such as multilateral organisations government departments industry associations chambers and company reports.
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