EghtesadOnline: The Statistical Center of Iran has released data on the volume of per capita insurance premiums and claims paid and received by Iranians during the fiscal 2016-17 as part of its latest annual report.
According to the report published on SCI’s website, each Iranian citizen paid 2.67 million rials ($63) in insurance premiums across all categories. This is while 15 years ago in the fiscal 2001-2, this amount was equal to 335,000 rials ($8).
The report does not account for inflation.
On the claims front, each Iranian citizen received 2.23 million rials ($53) in compensation from insurance companies, whereas the same figure stood at 249,940 rials ($6) a decade and a half before, Financial Tribune reported.
Personal Auto Policies, which account for the highest share in Iran’s insurance portfolio, also accounted for the highest per capita liability at 966,000 rials ($23) in the fiscal 2016-17. The category was followed by medical insurance and vehicle insurance at second and third places with 700,000 rials ($16.5) and 120,000 rials ($3) respectively.
In terms of the share of damages in each category, PAPs grabbed a 43% share and were followed by medical and vehicle insurance with a respective share of 31% and 5%. During the fiscal 2001-2, PAPs had a much higher share of damages at 53% whereas medical and vehicle insurance followed with shares of 17% and 7% respectively.
In dissecting the per capita share of each insurance category in paid premiums, SCI reports that each Iranian citizen paid about 1 million rials ($24) for PAPs in 2016-17. An average of 740,000 rials ($17.5) was paid by each person for medical insurance and 170,000 rials ($4) were handed out to insurers for vehicle coverage.
Coverage for drivers had a per capita share of 120,000 rials ($3) and was followed by life insurance at 110,000 rials ($2.6) and fire insurance at 147,000 rials ($3.5).
“All-in-all, 38% of the received premiums of insurance were for PAPs, 28% for medical insurance, 7% for vehicle insurance and 5% for drivers’ accidents insurance, meaning that 77% of the yields of the country’s insurance sector belong to auto and medical insurance,” SCI said.
The highest-ever volume of insurance premiums was paid out during the fiscal 2016-17, the report concluded.