Earnings Boom for Insurance Company Agents

EghtesadOnline: The insurance industry's profit amounted to 45 trillion rials ($346 million) in the current fiscal year (started March 2019), president of the Central Insurance company of Iran said, adding that agents and brokers had a big share of the gains.

News ID: ۷۸۵۱۸۱

28 December 2019

"Sales (by agents) accounted for nearly 30 trillion rials ($230 million). We need to act in a way that ensures the share of agents is transparent," Gholamreza Soleymani was quoted as saying during a visit to the CII  Investigation and Anti-Money Laundering Department.

The number of insurance agents registered an annual growth of 17% to reach close to 64,000 by March 2019, according to the CII. The total number of branches of insurance firms across the country reached 1,258 by March 2019 – up 6% compared to the year before.

The total number of brokers increased by 35% and reached 834 by the end of the previous year, according to Financial Tribune.

Iran Insurance Company, the largest and sole state owned insurance company, has the largest sales network with more than 9,000 agents and 209 branches.

The privatized Asia Insurance Company comes next with 3,200 agents and 100 branches. Pasargad Insurance Company ranks third with 73 branches and 2,700 agents.

The official said transparency in the insurance industry is a key goal for the CII, noting that “policyholders' satisfaction is our motto."

"By improving transparency in paying claimants, we can greatly enhance the satisfaction of policyholders."

Iranian insurance firms generated 454.4 trillion rials ($10.8 billion) in premiums during the year -- up 33.5% compared to the previous 12 months.

More than 61.3 million insurance policies were sold  --  4.5% higher year-on-year.

The industry's total payout amounted to 288.6 trillion rials, 32% higher than the 218.2 trillion rials paid the year before. The total number of claims, however, decreased by 3.1%, to reach 57.4 million.

Highlight: The number of insurance agents registered an annual growth of 17% to reach close to 64,000 by March 2019, according to the CII. Branches of insurance firms across the country reached 1,258 by March 2019 – up 6% compared to the year before.