Non-life insurances - Iran | Statista Market Forecast

The Non-life insurance market in Iran is projected to reach a market size (gross written premium) of US$3.57bn in 2024.
The average spending per capita in the Non-life insurance market is estimated to be US$39.77 in the same year.
It is expected that the gross written premium will show an annual growth rate (CAGR 2024-2029) of 1.27%, resulting in a market volume of US$3.80bn by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium of US$2.5tn in 2024.
Iran's non-life insurance market is experiencing steady growth due to increased consumer awareness and government support.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Non-life insurances market in Iran has shown significant growth and development.

Customer preferences: Customers in Iran are increasingly seeking Non-life insurance products that provide comprehensive coverage and financial security. They are looking for policies that not only protect their assets and properties but also offer additional benefits such as liability coverage and assistance services.

Trends in the market: One notable trend in the Non-life insurances market in Iran is the increasing adoption of digital channels for purchasing insurance policies. Customers are now more inclined to buy insurance online, leading to the growth of Insurtech companies in the market. Additionally, there is a rising demand for innovative insurance products tailored to specific needs, such as cyber insurance and climate-related coverage.

Local special circumstances: Iran's insurance market is heavily regulated by the government, with strict guidelines and policies in place. This regulatory environment influences the types of insurance products available in the market and the pricing strategies adopted by insurance companies. Moreover, the geopolitical situation in the region also plays a role in shaping the Non-life insurance market in Iran, impacting customer confidence and investment decisions.

Underlying macroeconomic factors: The economic landscape in Iran, including factors such as inflation rates, GDP growth, and currency exchange rates, directly impacts the Non-life insurance market. Economic stability and growth contribute to an increase in disposable income, leading to higher demand for insurance products. Additionally, changes in government policies and regulations can influence market dynamics and consumer behavior in the insurance sector.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.