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Iran's life insurance market is experiencing significant growth and evolution driven by various factors.
Customer preferences: Iranian customers are increasingly recognizing the importance of financial security and protection for their families, leading to a growing demand for life insurance products. They are seeking comprehensive coverage that not only provides financial support in case of unexpected events but also offers investment opportunities for the future.
Trends in the market: One noticeable trend in the Iranian life insurance market is the introduction of innovative products tailored to the specific needs of customers. Insurers are developing customized solutions that cater to different life stages and financial goals, such as education planning, retirement savings, and health coverage. Additionally, there is a rising interest in digital insurance services, making it more convenient for customers to purchase and manage their policies online.
Local special circumstances: Iran's unique regulatory environment and cultural norms play a significant role in shaping the life insurance market. The government's support for the insurance sector, along with favorable tax policies, is encouraging more individuals to consider life insurance as part of their financial planning. Moreover, the concept of Takaful insurance, which aligns with Islamic principles of mutual assistance and shared responsibility, is gaining popularity among the predominantly Muslim population in Iran.
Underlying macroeconomic factors: The overall economic stability and steady growth in Iran are contributing to the positive momentum in the life insurance market. As disposable incomes rise and the middle class expands, more people are willing to allocate a portion of their earnings towards insurance premiums. Furthermore, the increasing awareness about the benefits of life insurance, coupled with a growing young population entering the workforce, is driving the demand for protection and long-term savings products.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)