Iran Insurance Report Q2 2015 - New Market Report
Fast Market Research recommends "Iran Insurance Report Q2 2015" from Business Monitor International, now available
[UKPRwire, Tue Feb 10 2015] We have revised down our expectations for Iran's insurance sector over the course of 2015 and the forecast period. The is largely due to a weaker than expected economy, with continued international sanctions suppressing growth. Nonetheless, the sector should achieve strong single-digit growth in 2015.
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. Growth is largely due to the two basic lines of motor ad health, which together make up nearly 90% of non-life premiums. This demonstrates that the market is in many ways underdeveloped.
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High inflation is likely to pose the greatest barrier to expansion in the life segment over 2015, by discouraging Iranians from utilising life products as a conduit for savings. Structural inflation is likely to remain an issue over the forecast period, with the government monetising its deficit rather than implement unpopular, sweeping subsidies cuts. In addition, sustained western sanctions will continue to hurt the country's macroeconomic performance.
Despite downgrading our expectations for the market over 2015 and beyond, in the long-run there exists considerable upside potential in Iran's insurance sector. Bimeh Iran, the large state-owned company, possesses significant scale. As one of the largest insures in the Middle East, it would rank as medium-large in most countries. It would benefit from greater access to international markets. However, heavy handed state involvement has given Bimeh...
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.
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