Motor insurance behind 36% rise in 2004 premiums

Market premiums surge to IR17,311bn but losses are also escalating, with motor claims representing 70% of total losses

The Iranian insurance market continued to record strong growth in fiscal 2004 (the year ending 20 March 2005), according to Bimeh Markazi Iran (BMI), which serves as both insurance market regulator and official reinsurer. Total direct premiums for the market – comprising five state-owned companies and 10 private insurers – stood at IR17,311bn (US$1.95bn), up by 35.8% on the previous year.