Insurance Market Is Poised For Rapid Growth: CII Data

EghtesadOnline: Iran's insurance market reported decent growth in the last fiscal year (March 2022-23), with the total premium income reaching 1,754 trillion ($3.2 billion).

News ID: ۷۵۲۴۹۶

08 May 2023

Iran's insurance market reported decent growth in the last fiscal year (March 2022-23), with the total premium income reaching 1,754 trillion ($3.2 billion).

The y/y growth was 49.95%, according to data published by the Central Insurance company of Iran (CII), the supervisory body of the industry.

However, the performance was mixed. While some insurers saw significant growth others declined. Overall growth in premium income was impressive giving the impression that the key sector is poised for further growth.

Decline in some sectors highlights the challenges that the industry faces, including the impact of US sanctions and dire conditions of the economy billed as unstable by most independent analysts and market observers.