AN OVERVIEW OF IRAN INSURANCE INDUSTRY
Supervisory and Regulatory Body
The Iranian Insurance Industry is regulated and supervised by Central Insurance of Iran which is an independent institution established in the form of State Owned Company.
Central Insurance of Iran is also empowered to carry out Compulsory and Non-Compulsory Reinsurance Business. In 2017, as the Obligatory Reinsurance, all Direct Insurance Companies are obliged to cede 13 percent of their non-life business and 23 percent of their life business to Central Insurance of Iran.
Market Players and Sales Network
In 2017, 27 Direct Insurance Companies (including one State Owned and 26 Private Direct Insurance Companies), as well as 2 Reinsurance Companies are providing insurance and reinsurance services in the Iranian market.
Insurance Companies render their services through 1,037 Branches, a network of 34,000 Agents and 591 Brokers.
Major Acts
- Insurance Law, 1937 ;
- The Act on Establishment of Central Insurance of Iran and Insurance Operation, 1971 ;
- The Act on Establishment of Non-Governmental Insurance Institutions, 2001 ;
Market Key Figures
