EghtesadOnline: The insurance industry's total premium is expected to fall short of expectations in the current Iranian fiscal year, largely due to the ruinous Covid-19, rising inflation and forex rates at historic highs, the president of the Central Insurance company of Iran (CII) said.
EghtesadOnline: The Central Insurance company of Iran, the regulatory body of the industry, and a private insurance firm have crafted a new package for covering losses to the business community due to the coronavirus.
EghtesadOnline: The Central Insurance company of Iran, the supervisory and regulatory body of insurance industry, has notified insurance companies to improve their performance and take action against agents violating online sales and marketing regulations.
EghtesadOnline: Data released by the Central Insurance of Iran, the body in charge of supervising the industry, shows that the Covid-19 pandemic has impacted the business of insurance companies in various aspects.
EghtesadOnline: The Central Insurance company of Iran in charge of regulating the industry, has released a report on the performance of the key sector in the previous fiscal year (March 2019-2020) saying insurers reported 35.7% growth in their premium income compared to the year before.
EghtesadOnline: Most Iranian insurance companies are pessimistic about the industry's future under the influence of Covid-19.
EghtesadOnline: Despite risks associated with the country's air fleet, aircraft insurance coverage registered the lowest (18%) loss ratio in the industry' portfolio, allowing insurers to profit larger amounts from the premiums.
EghtesadOnline: Domestic insurance companies' total payout in the first nine months of the current fiscal year (March-December 2019) amounted to 220 trillion rials ($1.6 billion), with the auto and medical categories topping the list of claimants.
EghtesadOnline: Unprofessional approach of insurers in underwriting medical insurance policy categories could inflict considerable loss on the insurance industry's performance in the coming years.
EghtesadOnline: The latest appraisal of risk retention capacity of domestic insurance companies has placed state-owned Iran Insurance Company on the top.