Annual report




In The Name Of Allah



THE COMPASSIONATE, THE MERCIFUL

BIMEH MARKAZI Annual Report

2014-2015

BIMEH MARKAZI

Annual Report

1 2014-2015





BIMEH MARKAZI

(CENTRAL INSURANCE OF IR IRAN)

Date of Establishment:

June 1971

President:

Mohammad Ebrahim Amin

Address:

No. 2, Insurance Tower,

Maryam St., Mandela Ave.,

1967764111, Tehran, Iran

International & Protocol Department:

P. O. Box: 19395 - 5588

Tel/Fax: + 98 21 262 14 803

pro@centinsur.ir

www.centinsur.ir

PROFILE

BIMEH MARKAZI

BIMEH MARKAZI

Annual Report

2014-2015 2

Profile

Overview

Minister’s Note

President’s Message

High Council of Insurance

Organization Chart

Management Board

Iranian FTZs

Our Directors General

Internatianal Activities

Sanhab

Insurance Research Center & Bodily Injury Indemnity Fund

Iranian Insurance Market

Financial Statements

Our Membership

1379

11

15

16

17

23

27

33

41

49

65

75

Table

of Contents

BIMEH MARKAZI

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3 2014-2015

Overview

Bimeh Markazi Iran (Central Insurance of IR Iran) was founded in 1971

(1350) by the Act of Iranian Parliament for the purpose of regulating,

expanding, guiding insurance operations in Iran, and for the guidance

of the insurance companies, along with the protection of the insured

and their beneficiaries as well as to ensure government supervision

of such operations. Parallel with regulatory and supervisory missions,

Bimeh Markazi Iran has been entrusted to accomplish local compulsory

reinsurance and to conduct inward and outward reinsurance business

in both national and international markets. Consistent with its

Establishment Act, it continues to operate the following missions;

To prepare by-laws and regulations, to issue directives

deemed necessary for the promotion and proper execution

of insurance operation in Iran, with due regard to the text

of this law

To compile necessary information on the performance of all

insurance organizations operating in Iran

To effect compulsory reinsurance operation

To effect facultative reinsurance from Iranian and foreign

insurance organizations

To cede reinsurance to Iranian and foreign related companies

whenever deemed necessary

To administer the Bodily Injury Indemnity Fund (BIIF), to prepare

by-laws relating to the Fund, specified in Article 10 of law

on Compulsory Third Party Liability by Owners of Land Motor

Vehicles under the Civil Law, approved in January 1968 (Day

1347)

To guide, lead, and supervise insurance companies, to afford

protection to such companies in view of ensuring sound i

insurance market, to regulate matters relating to

agencies and brokers, to supervise reinsurance

matters, to prevent unfair, deceitful, and unsound

competition, to regulate and supervise insurance

industry.

Under the Iranian compulsory reinsurance regulations,

all insurance companies operating in Iran are

obliged to cede certain percentage of their direct

life and non-life business to Bimeh Markazi.

Also, if and when, insurance companies intend to

acquire reinsurance coverage from abroad they

must offer certain percentage of each reinsurance

contract to Bimeh Markazi Iran, under the same

terms and conditions. Bimeh Markazi Iran endeavors

to use local reinsurance capacity by retroceding

all or part of compulsory reinsurance to local insurance

companies according to their capacity, after which

contribution from international markets is welcomed.

To summarize, Bimeh Markazi Iran plays a key role

in insurance industry by promoting, regulating, and

supervising insurance activities within the market

while providing national and international reinsurance

services.

Currently, there are 28 Iranian private insurance

and reinsurance companies, namely Asia, Alborz,

Dana, Parsian, Karafarin, Razi, Tose’e, Sina, Mellat,

Hafez, Omid, Day, Saman, Novin, Pasargad, Moallem,

Iran Moein, Mihan, Kosar, Ma, Arman, Taavon,

Sarmad, Asmari, Kish P&I Club, QITA P&I Club

(Qeshm), Amin Re, and Iranian Re, whereas there

is only one governmental insurance company,

known as Iran Insurance Co.

The volume of total direct premium for the market

this year amounted to IR Rls. 205,400 billion

(US$ 7.3 billion), signifying growth rate of 26.7

percent over the last year. The insurance penetration

went beyond 1.9 percent. In the year under review,

motor insurance (T.P.L.) with 42.2 percent, health

insurance with 19.7 percent, and life insurance with

BIMEH MARKAZI

REINSURANCE

Annual Report

2014-2015

4

10.5 percent, had the greatest contribution in the overall market growth.

Motor (T.P.L.) premium income increase is due to high loss ratio which

is typical in the Iranian insurance market over the past years. This loss

ratio indicates 106.4 percent increase of 2.7 units, compared with last year.

All in all, Motor Third Party Liability with a direct premium of IR Rls. 86,762

billion or 42.2 percent of the total market premium, earned the highest

market share followed by health with IR Rls. 40,545 billion, life with a

direct premium of IR Rls. 21,509 billion, motor (P.D.) with IR Rls. 13,652

billion, accident with IR Rls. 12,401 billion and liability with IR Rls. 11,404

billion, respectively.

In the year under review, Iranian insurance industry issued about 45.8

million policies, representing 7 percent increase over the last year. Total

paid losses also amounted to IR Rls. 124,615 billion, i.e. 18.8 percent

increase compared with 2013 (1392). The highest share of paid losses

is held by motor (T.P.L.), whereas health with 47.5 and 26.8 percent, motor

(P.D.), life and liability with 6.1, 5.6 and 5.2 percent of the total paid loss

occupy next positions. Moreover, the overall market loss ratio, which

delineates incurred loss to earned premium, was 84.6 percent by 4.7

units decrease.

In the year 1393 (2014- 2015), Bimeh Markazi had a written reinsurance

premium of IR Rls. 46,167,145 (US$ 1.6 billion) from local compulsory

and optional reinsurance accepted from national and international

markets. Total reinsurance accepted in 1393 shows an increase of 24.01

percent over the preceding year. The volume of retrocession is IR Rls.

1,664,963 million, whereas the retention is IR Rls. 44,502,182 million.

In 1393, total reinsurance paid losses by Bimeh Markazi amounted to

IR Rls. 28,445,442 million, precisely 58.63 percent of which was paid in

different branches of non-life business and 41.37 percent in life insurance.

During this year, total losses, recovered through reinsurance treaties,

amounted to IR Rls. 417,506 million. Investment income of Bimeh Markazi

for the year 1393 reached IR Rls. 6,219,003 million, showing an increase

of IR Rls.985, 530 million or 18.83 percent over the past years.

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Persian Rug, Oriental Area Rug

BIMEH MARKAZI

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Minister, Economic Affairs & Finance

Head, Bimeh Markazi General Assembly

Minister’s

Note

Since the nature of insurance industry is promising, it is expected

that insurance companies be the safest places. In recent years,

there have been a number of problems in banking and insurance

systems which came up in the absence of solvency and proper

supervision, consequently all financial markets faced a risk.

Notably, insurance industry is not wide spread in society despite

its relatively long life. Hence, provided this industry gets further

damaged, it cannot approach its real position.

As far as boosting the solvency of insurance companies is concerned,

the issue of adding up capital ought to be taken into account

seriously. Furthermore, financial and professional status of applicants

asking for new insurance companies must be approved by Bimeh

Markazi.

Obviously, Bimeh Markazi is not going to rival insurance companies.

Following that, the appropriate polices of Bimeh Markazi has led to

lessen reinsurance, fortunately. The share of life insurance from the

portfolio of insurance industry is minimal and our country, in comparison

with other countries, has not seen that much growth, yet.

Despite the fact that a part of insurance industry has moved

apart commercial insurance scope, insurance penetration rate

has mounted.

Interestingly, the share of Iran insurance company from the

portfolio of insurance industry equals 46 percent which shows

that the share of private sector has grown. That in turn does not

imply incapability of this company, yet proves the efforts made

by private sector.

The role of Iran insurance company in this industry is to introduce

modern tools and then institutionalize them. Following the policies

made by Bimeh Markazi, currently insurance industry moves on

the right path.

When sanctions are lifted, new conditions will prevail. In the past

few years, insurance and banking systems distanced from normal

systems due to sanctions. Therefore, by utilizing the past experience

and positive effects of sanctions, hopefully in new conditions we

can approach international standards.

Ali Tayyebnia

Minister, Economic Affairs & Finance

Head, Bimeh Markazi General Assembly

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Bimeh Markazi President

President’s

Message

Generally, the responsibilities of Bimeh Markazi Iran (Central

Insurance of IR Iran) are divided into three parts including "regulation",

"supervision", and "reinsurance". Therefore, in the past two years,

Bimeh Markazi has endeavored to take steps in line with these

three areas.

The supervisory activities of Bimeh Markazi are carried out

through four bylaws namely "supervising the solvency margin of

insurance companies", "transparency and financial reporting",

"protecting the rights of consumers", and "investigating the

qualifications of key staff of insurance industry".

The sole means of supervision in mature insurance markets

is measuring solvency; therefore, the supervisory activities of

Bimeh Markazi are conducted on this basis in accordance with

market conditions.

Another point to mention is that Bimeh Markazi, regardless of

its legal obligations, is a reinsurer, but it never uses its authority

to the benefit of reinsurance business. The reinsurance section

of Bimeh Markazi operates in accordance with the mechanisms

and standards of a reinsurer company; activities in this section

are aimed at setting up a national reinsurance company. This

issue is also included in long-term planning of Bimeh Markazi so

that in the strategic plan of Bimeh Markazi reducing the authority

of the government and compulsory reinsurance are high on

the agenda and for the desirable implementation of this plan,

necessary follow-up is done.

The main platform of supervision in Bimeh Markazi is based upon

Sanhab (Persian abbreviation for insurance electronic guiding

supervisory system). If this platform is used properly, financial

supervision, insurance and financial transactions of Bimeh

Markazi will be fulfilled through this system by the end of 1394

(early 2016).

The specified indicators in Sanhab have gotten Bimeh Markazi

to supervise the activities of insurance companies regardless of

personal taste or individual interpretation; thanks to this system,

all activities of insurance companies will be fully supervised by

the end of this year.

In general, in the last two years supervisory activities of Bimeh

Markazi have been carried out in a way that they are irreversible

and have actions taken outside the rules and regulations of

Mohammad Ebrahim Amin

BIMEH MARKAZI

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2014-2015 10

insurance companies not concealed.

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11 2014-2015

High

Council

of Insurance

One of the constituent organs of Bimeh

Markazi is the High Council of Insurance

(HCI), with the prerogative to approve

decrees and by-laws.

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2014-2015 12

BIMEH MARKAZI

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One of the constituent organs of Bimeh Markazi is the High Council of Insurance

(HCI), with the prerogative to approve decrees and by-laws. The Council is comprised

of President of Bimeh Markazi as its Head, Vice Ministers of “Economic Affairs and

Finance”, “Cooperatives, Labor and Social Welfare”, “Industry, Mine, and Trade”, and

“Agriculture Jihad”, together with representatives of Islamic Parliament of Iran as well

as senior experts from the Iranian insurance market. Duties of the High Council of

Insurance are as follows;

To consider and comment on the issuance of establishment, permission

or cancellation of such permission of insurance organizations in

accordance with the provisions of this law, and to make due

recommendations to the General Assembly

To approve form of the balance sheet to be used by insurance

organizations

To specify various types of insurance transactions, and general

conditions to be included in insurance policies, and to supervise

reinsurance operations

To determine the rate of commission and insurance premium relating

to various types of direct insurance operations

To approve necessary by-laws governing work in the field of providing

guidance on insurance operations and activities of insurance

companies

To consider and to comment on the report from Bimeh Markazi

Iran (Central Insurance of IR Iran) regarding the operations and

activities of insurance organizations in Iran, that shall be submitted

at least once every six months

To comment on any proposals submitted by the Head of the High

Council of Insurance

To perform other duties as determined for it by this law.

High Council of Insurance

BIMEH MARKAZI

Annual Report

2014-2015 14

7.

M. Asoudeh

Member

Managing Director

Iranian Reinsurance Co.

8.

B. Pourseyed

Member

Legal Expert

Judiciary Research Center

9.

N. Mazloomi

Member

Insurance Expert

General Assembly

10.

M. Khajeh Noori

Member

Delegate

Iran Chamber of Commerce,

Industries, Mines & Agriculture

11.

N. Mousavi

Member

Representative

Islamic Parliament of Iran

12.

M. Sarami

Member

Representative

Islamic Parliament of Iran

1.

M. E. Amin

Head

President

Bimeh Markazi Iran

Central Insurance of IR Iran

2.

H. Ghazavi

Member

Vice Minister

Ministry of Economic

Affairs & Finance

3.

H. A. Mehrizi

Member

Vice Minister

Ministry of Industry, Mine

& Trade

4.

M. R. Sepehri

Member

President

Labour & Social Security

Institute

5.

A. Bakhshandeh

Member

Vice Minister

Ministry of Agriculture (Jihad)

6.

A. Hosseini

Member

Managing Director

Iran Insurance Co.

BIMEH MARKAZI

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15 2014-2015

Organization Chart

General Assembly

Inspectors

High Council of Insurance (HCI)

Technical Affairs

General Dept.

Reinsurance Vice Presidency

Fire, Engineering & Energy

Reinsurance General Dept.

Marine, Hull & Aviation

Reinsurance General Dept.

Personal, Motor & Liability

Reinsurance General Dept.

Planning & Development Vice Presidency

Planning & Development Office

Insurance Firms & Institutions

Admission General Dept.

Safety & Loss Prevention General

Dept.

Supervision Vice Presidency

Finanical Supervision

General Dept.

Technical Supervision

General Dept.

Professional Qualification

Supervision General Dept.

Human Capital Development &

Support General Dept.

Financial Affairs General Dept.

Investments & Assemblies

General Dept.

Management & Resources

Development Vice Presidency

Information &

Communication

Technology

General Dept.

Inspection,

Performance

Assessment,

& Internal Audit

General Dept.

Anti-Money

Laundering

Office

President's

Office General

Dept. & Insurance

Industry Staff

Selection Board

Public Relations

& International

Affairs General

Dept.

Legal Affairs

General Dept.

Security

Central Office

Management Board

Affiliated Institutions: President

Insurance Research Center (IRC)

Bodily Injury Indemnity Fund

Deputy President

Reinsurance Accounts and

Reserves General Dept.

Inward Reinsurance &

Green Card General Dept.

BIMEH MARKAZI

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Rahim Mosaddegh

Vice President

Planning & Development

Mohammad Ebrahim Amin

President

Management Board

Parviz Khoshkalam Khosroshahi

Deputy President

Habib Mirzaei

Vice President

Supervision

Seyed Morteza H. Aghda

Vice President

Management & Resources

Development

Mina Sadigh Noohi

Vice President

Reinsurance

BIMEH MARKAZI

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Free Trade

Zones

There are seven free trade zones in Iran, known

as Kish Island, Qeshm Island, Chabahar Port, the

free zone of Arvand, Aras, Maku, and free zone of

Anzali.

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Insurance Activities in Iranian

Free Trade Zones

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Sirri Island - IRAN

Island in the Persian Gulf

There are seven free trade zones in Iran, known

as Kish Island, Qeshm Island, Chabahar Port, the

free zone of Arvand, Aras, Maku, and free zone of

Anzali. The first two are located in the middle

of the Persian Gulf and the third shore is in the

Oman Sea. The free zone of Arvand is located in

Khuzestan province, southwestern Iran. The free

zone of Aras is located near Aras River in the

northern border of Iran. The last not the least,

the free zone of Anzali is located in the southern

coast of the Caspian Sea. Aside from these

seven major free zones, numerous economic,

industrial, and trade zones also exist in different

areas of Iran.

At a meeting held on 23 August 2000, on the basis

of the proposal by Bimeh Markazi and by virtue

of Article 28 of Law on the Administration of Free

Trade-Industrial Zones in the Islamic Republic of

Iran (ratified in 1999), the Council of Ministers

approved the Regulations on Establishment and

Operation of Insurance Institutions in the Free

Trade-Industrial Zones in the Islamic Republic

of Iran. Based on the proposal of the Authority

and under the provisions of these regulations,

insurance and reinsurance operations in the Free

Trade Zones shall take place through institutions

that obtain permission from Bimeh Markazi

Iran (Central Insurance of IR Iran) and must be

registered in one of the following forms;

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1. Iranian joint-stock or cooperative insurance companies with real and/or

legal Iranian and/or foreign shareholders with registered shares

2. Insurance agency and/or brokerage institution

Institutions authorized to operate in the Zone, within the framework of

these regulations, are not permitted to provide insurance for people

residing, subjects and matters located in other parts of the country and

transport insurance for goods imported to other parts of the country, the

purchase contract of which is concluded of its letter of credit is opened

in Iran. Reinsurance transactions are excluded from this Article. More

importantly, the minimum capital for insurance institutions, insurance

agents and insurance brokers are as follows;

1. Direct insurance institutions are to be established with a minimum

capital of IR Rls. 15 billion, at least 50% of which must be paid initially;

2. Mutual insurance institutions are to be established with a minimum capital

of IR Rls. 200 million, at least 50% of which must be paid initially;

3. Reinsurance institutions are to be established with a minimum capital

of IR Rls. 85 billion, at least 50% of which must be paid in cash initially;

4.Insurance agencies and/or brokerage institutions are to be established

with a minimum capital of IR Rls. 300 million, at least 50% of which must

be paid initially.

Upon these regulations, seven private insurance and reinsurance companies

have been registered so far in the Free Trade Zones. The following companies

have already started their business;

Regulations on Establishment of

Foreign Institutions

Foreign insurance companies have been permitted by Iranian Cabinet to

set up contact offices in the mainland following amendments to former

regulations authorizing operation of foreign insurance institutions in the

Iranian Free Trade Zones (FTZs).

In the amendment, an additional note has been affixed to Article 1 of

the ratification according to which insurance companies, registered in the

Iranian Free Trade Zones, can set up contact office across the country

to facilitate links with Bimeh Markazi Iran (Central Insurance of IR Iran)

and other concerned organizations. Bimeh Markazi outlined regulations

to implement the above. Before this amendment, Iranian High Council of

Insurance (HCI) approved and published the regulations on the establishment

of contact offices of foreign insurance and brokerage institutions in the

Islamic Republic of Iran.

Asmari Insurance Co.

Kish P&I Club

Amin Reinsurance Co.

Omid Insurance Co.

Hafez Insurance Co.

Iran Moein Insurance Co.

QITA P&I Club (Qeshm)

• Foreign insurance and brokerage institutions are

allowed to open their contact offices in the Islamic

Republic of Iran, after securing the approval of

Bimeh Markazi. These contact offices are subject to

the Laws of the government of the Islamic Republic

of Iran and their operation, as the operation of a

legal person is allowed within the framework of

these laws and regulations that govern Iranian

Insurance Industry.

• Contact offices are allowed to liaise between

their Mother Company and Iranian insurance institutions

to follow up the reinsurance affairs, to offer technical

services and to provide insurance technical know-how.

However, they are not permitted to offer insurance

and to operate in those fields that are within the exclusive

duties of the local insurance institution.

• Bimeh Markazi shall supervise the operation of

these contact offices, on the basis of its lawful duties.

Foreign insurance institutions can dissolve and / or

temporarily close their contact offices in Iran, after

informing Bimeh Markazi and through legal procedures.

• If and when a contact office, at the discretion

of Bimeh Markazi, violates the regulations, Bimeh

Markazi can highlight the case by sending a note or

a warning or, can prevent its further operation by the

approval of the President of Bimeh Markazi.

• The procedure for establishment, rules of operation

and dissolution of contact offices have been done

and published by Bimeh Markazi within the framework

of these regulations.

Highlights

of the said

regulations are

as follows;

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BIMEH MARKAZI

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Our

Directors

General

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BIMEH MARKAZI

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Our Directors General

1

Mohammad Mahdi Mahmoudi

President's Office

2

Shahriar Sheibani

Special Inspector

President’s Advisor

3

Mostafa Zandi

Public Relations & International Affairs

4

Farzin Hajati

Technical Affairs

5

Seyed Javad Mirghassemi

Legal Affairs

6

Seyed Ghasem Nemati Marasht

Information & Communication Technology

7

Reza Mostafavi

Anti-Money Laundering

8

Ali Shokri

Inspection, Performance Assessment &

Internal Audit

9

Mehdi Namanalhosseini

Planning & Development

10

Shahram Sheibani

Safety & Loss Prevention

11

Mahmoud Haghverdiloo

Insurance Firms & Institutions Admission

BIMEH MARKAZI

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12

Farzaneh Ghartakini

Technical Supervision

13

Ali Jafari

Financial Supervision

14

Mehrdad Rezaei

Professional Qualification Supervision

15

Nooshin Taghi Khataei

Fire, Engineering & Energy Reinsurance

16

Faranak Hovanloo

Marine & Aviation Reinsurance

17

Hamid Reza Navabi

Personal, Motor & Liability Reinsurance

18

Seyed Omid Miraghazadeh

Reinsurance Accounts & Reserves

19

Ramin Ala

Inward Reinsurance & Green Card

20

Amir Hossein Farsi

Finance

21

Soraya Charkhchi

Human Capital Development & Support

22

Saeed Javadipour

Investments & Assemblies

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International

Activities

Green Card System & ECO White Card Scheme,

The international compensation system of the

victims of road traffic accidents namely, Green

Card System, facilitates the flow of cross border

road traffic in member countries of the system,

and guarantees the compensation of the

domestic victims of accidents caused by foreign

motorists.

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The international compensation system of the victims of road traffic

accidents namely, Green Card System, facilitates the flow of cross

border road traffic in member countries of the system, and guarantees

the compensation of the domestic victims of accidents caused by

foreign motorists. The system which started in 1949 has been in place

for more than 60 years helping millions of motorists travel across border

network of member countries of the system.

Green Card is equivalent to the national Motor Insurance Certificates

of each and all of the Countries where a motorist visits. As such, it

is accepted without any obstacle or cost by the authorities of all

countries where the individual Green Card is valid. It certifies that

the visiting motorist has at least the minimum compulsory third party

insurance cover required by the laws of the countries visited.

Any motorist with a Green Card is able to travel across the borders of

the 45 member countries without the need to take out an insurance

policy at each country’s border. Green Card covers all liabilities and

is accepted as evidence of insurance and meets with the law of the

country being visited.

In each member country of the system, there exists a bureau operating

by the recognition and approval of their governments, dealing with

Green Card affairs.

GREEN CARD SYSTEM

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Therefore, the network of Green

Card bureaux helps claims arising

from traffic accidents to be settled

for all third parties involved in an

accident caused by a foreign

motorist. Each nation’s bureau

will work with the liable motorists’

insurer and its concerned bureau

to effectively settle the claim

according to the rules set out by

that country. National bureaux

cooperate on the basis of the

Internal Regulations signed

bilaterally between each of them.

According to the "Act of

Adhesion of Iran Government to the

International System of Civil

Liability Insurance of Land Motor

Vehicles against Third Party

(Green Card)", (Approved on

1356/03/05), Green Card Bureau

of Iran commenced its activities

in Tehran under the supervision

of Bimeh Markazi Iran (Central

Insurance of the Islamic Republic

of Iran).

Moreover, on the basis of the

said law, all Iranian insurance

institutions authorized to perform

compulsory insurance operations

regarding civil liability of owners

of land motor vehicles against

third party are obliged to accept

the membership of the said

Bureau. Presently, only Iran

insurance company, operating as

its member, deals with issuing

Green Cards as well as handling

and settling the claims of Green

Card.

Notably, the executive bylaw

for the "Act of Adhesion of Iran

Government to the International

System of Civil Liability Insurance

of Land Motor Vehicles against

Third Party (Green Card)" was

adopted by the Supreme Council

of Insurance in its meeting dated

27.04.1391, under the title of

"Executive bylaw Number 73"

which then was notified to all

insurance companies.

It is also worth mentioning that

the issue of membership of the

Islamic Republic of Iran in one

of the permanent committees

of Council of Bureaux- Internal

Auditors Committee- for a three

year term, was approved on the

48th General Assembly Meeting

of CoB, held in Belarus.

In this regard, the Green Card

Bureau of Iran along with other

member countries of the said

committee (Island, Malta and

Albania) shall cooperate with

CoB during the years 2014-2017.

Moreover, an agreement under

the title of "Protection of Visitors"

(PoV) with the aim of enhancing

the welfare of compatriots

suffering property damage

or personal injury in traffic

accidents occurring in Turkey has

also been signed and concluded

between Green Card Bureau of

Iran and Motor Insurers Bureau

of Turkey. On the basis of this

agreement, entered into force

on 1st March 2014 (10.12.1391),

the concerned parties of each

country (Central Insurance of

the Islamic Republic of Iran and

Motor Insurers Bureau of Turkey)

will support the injured of their

country of origin suffered in traffic

accidents occurring in the other

country, through providing them

with required information.

Title 2010 (1389) 2011 (1390) 2012 (1391) 2013 (1392) 2014 (1393)

Written Premium (Million Rials) 16738 19066 35068 54038 51678

Number of Insurance policies 4496 5175 4051 5783 7965

loss paid (Million Rials) 13466 9218 20379 15081 33411

Number of accidents 89 88 94 95 79

Loss Ratio (%) 109 39 224 14 106

Table 1. Green Card Operations

Written Premium & Loss Paid (Million Rials)

2010

(1389)

60

50

40

30

20

10

0

2011

(1390)

2012

(1391)

2013

(1392)

2014

(1393)

Loss Paid

Written premium

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ECO WHITE CARD SCHEME

Iran is geographically located in the center of ECO region and is a transit route

for many ECO countries which has an important role in transit transport in the

region and was the initiator of providing a unified Motor Vehicle Third Party

Liability Insurance Scheme (namely the ECO White Card Scheme).

The ECO White Card will be an officially proof of existence of compulsory civil

liability insurance in respect of the use of the motor vehicle, in each visited

member country of the ECO region, contracting parties of the said Scheme.

The main Objectives of the ECO White Card Scheme are as follows:

To facilitate the international circulation of motor vehicles by enabling

insurance of third party liability risks in respect of their use, in the case

of accidents;

To guarantee compensation of injured parties in accordance with

national laws and regulations of the ECO member countries of the

Scheme;

To establish the Motor Vehicle Third Party Liability Insurance System

among the ECO Region.

The proposal to prepare the ECO White Card Scheme goes back to 1997,

during the 5th ECO Summit, in which it was decided to prepare a framework

agreement for Motor Vehicle Third Party Liability Insurance in the ECO region

and to promote the cooperation between ECO Member States in the field of

insurance as mentioned in Article 22 of TTFA (Transit Transport Framework

Agreement) and its Annex No. 5.

According to the proposal made by the 10th RPC (Regional Planning Council),

held in February 2000 in Tehran, Islamic Republic of Iran (Bimeh Markazi Iran)

was appointed as the responsible country to do the above mentioned task and

to host the first Meeting of the ECO insurance authorities of the ECO Member

States to consider the White Card Scheme proposed and prepared by Bimeh

Markazi Iran. Accordingly, during the said meeting held in Bimeh Markazi Iran on

September 6-7, 2005, the participating ECO members countries emphasized

on the necessity of establishing a common insurance coverage scheme

applicable to all ECO Member States aiming at facilitation of the smooth movement

of carriers in the region.

Finally, the ECO White Card Scheme was approved and adopted by the ECO

member states in May 2007, which is still under implementation process.



BIMEH MARKAZI

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33 2014-2015

SANHAB

Persian abbreviation for insurance electronic

guiding supervisory system

BIMEH MARKAZI

Annual Report

2014-2015 34

BIMEH MARKAZI

Annual Report

35 2014-2015

Iranian insurance industry is comprised of 29 insurance and reinsurance

companies, along with Iran Insurers Syndicate, Bimeh Markazi Iran

(Central Insurance of IR Iran), and the High Council of Insurance (HCI).

Iranian insurers and reinsurers operate in accordance with laws and

regulations, as well as bylaws ratified by HCI and under the supervision

of Bimeh Markazi.

Mission & Vision

Supervising acceptable approaches to operations and adherence to laws

and regulations have always been of paramount importance and top

priority for Bimeh Markazi as a supervisory body in national insurance

industry. Therefore, efficient and precise supervision inevitably necessitates

full dominance in the realm of information technology. To accomplish its

mission, Bimeh Markazi endeavored to launch a large-scale project, in

2011 (1390), in order to standardize, collect and exchange information, in

addition to full mechanization of supervision process, in cooperation and

collaboration with all insurers and reinsurers.

Domains of Operation

To achieve this aim, our operations embraced three domains that are as

follows;

Network & Communication Infra-structure

Data Center & Physical Infra-Structure

Software Infra-structure

SANHAB

Network & Communication Infra-structure

In order to establish an integrated supervisory software system for underwriting

operations nationwide, MPLS was applied to establish network and

communication infra-structure among Bimeh Markazi Iran (Central Insurance

of IR Iran), and all national insurance and reinsurance companies.

Currently, all companies are interrelated in this respect and efforts are

constantly made to maintain system security both in software and hardware

areas.

Data Center & Physical Infra-Structure

Data center infra-structure bears the same importance as communication

network infra-structure; hence, parallel with the establishment of

communication network, standard data center was launched and

mobilized to manage and maintain comprehensive software system

information bank. Some of the major goals and functions of such a data

center include:

Maintaining supervisory software system databases (Sanhab)

Receiving required services from related organizations and bodies and

applying in national insurance industry

Providing insurance companies with base services

Preparing electronic insurance required infra-structure

Software Infra-structure

The most significant part of our endeavors pertains to software production

which is of paramount importance. Our aim was establishing essential

BIMEH MARKAZI

Annual Report

2014-2015 36

software infra-structure to facilitate information dissemination in national

industry, to launch variety of information banks, to upgrade information

added value, to provide possibility of controlling any sorts of fraud, to

increase supervisory potentials of Bimeh Markazi, and to control insurers

and reinsurers’ adherence to underwriting laws and regulations, which is

why the system was named Sanhab, persian abbreviation for insurance

electronic guiding supervisory system.

Sanhab Beneficiaries

The system domain and scope were defined to meet the needs of the

following beneficiaries;

1.The insured & people from all walks of life

2.National insurance industry

3.Higher-level & outside organizations

Brokerage

Agency

Branch

Sanhab

Portal

Web-Service

Insurance & Reinsurance Companies Bimeh Markazi Iran

(Central Insurance of IR Iran)

ETL

Insurer A B C D

Higher-level Outside Bodies

- Ministry of Economic Affairs & Finance

- Presidential Headquarters

- Higher-level Supervisory bodies

- Courts & public prosecutor's office

- IR Police

- Anti-Contraband & Currency smuggling Headquarters

-The Insured

- People

National Insurance Industry

- Top executives

- 10 General Dept.

- 29 Insurers & Reinsurers

- Bodily Injury Indemnity Fund

- Insurance Research Center

sanhab

Beneficiaries

Schematic Architecture

This scheme depicts overall architecture and schematic function process

of Sanhab. As it can be viewed, every insurance and reinsurance company

has its own underwriting system concentrated between sales networks

and headquarter. Thus, as for Sanhab system, we intended to allocate an

insurance server for every company, and gather their operational information

in that server, which will be transferred to Sanhab at the end of the day

via ETL operations, i.e. extract, transform, and load.

To control policy issuance procedure and provide insurance companies

with value added services, transmitting information of issued policies is

online and via web service. Obviously, the information on insurance policies,

endorsements, loss and paid claim files is vast, yet only essential pieces

of information are exchanged.

At the time of information gathering for the database of Sanhab, first information

validity must be verified according to defined parameters (which is so far

valid by policy sales network), and then a unique code is allocated.

BIMEH MARKAZI

Annual Report

37 2014-2015

Agency

Financial Supervision

Supervision

Compulsory

Reinsurance

Indormation

Statistics

Reinsurance

Accounting

Supervision

Planning

Development

Supervision Challenges

Dispersion in required data from different departments of Bimeh Markazi

Lack of compliance among received statistics & data different departments of

Bimeh Markzi

Great number of supervisory indicators & difficulty in reviewing all parameters

for all inssurance operations due to limited No. of experts

Random & ineffective Supervision

BIMEH MARKAZI

Annual Report

2014-2015 38

Supervision Challenges

In the mentioned phases so far, we attempted to set up required

infra-structures in Bimeh Markazi Iran (Central Insurance of IR Iran) and

all insurance and reinsurance companies and fully elaborate on the

system for the beneficiaries who are expected to provide information. The

next phase, we aimed at mechanizing joint procedures among different

departments of Bimeh Markazi that were basically of supervisory nature.

Studies indicate that each supervisory department receives information

through self declaration by insurance and reinsurance companies and the

next steps are taken that result in unclear and indistinct images in mind.

Systematic Supervision

We were determined to identify information in common as well as operation

process of different departments, along with their chronological order.

Next, required pieces of information were selected and comprehensive

supervisory information bank was initiated; meanwhile, identified

procedures were entirely mechanized so that order and integration

became dominant in supervisory departments. At present all supervisory

general departments and their related departments are fully mechanized.

Our Vision in Development

Phase :

Systematic Supervision

All neddded information for

Supervision Dept. are extracted

from the same path information was

sent to Reinsurance Dept.

Statistics & data in all parts of the

organization including supervision &

reinsurance shall be harmonized.

All controlling measure in the area

of technical, finacial, and sales

network supervision for all Insurance

operations shall be calculated daily

and violation as per case shall be

systematic documented.

Follow-up, refrral, and enforcement

will be conducted for supervisory

files until actions by experts are

finalized.

Noncomp

ulsory

Reinsur

ance

Comp

Ulsory

Reinsur

ance

Supervision

on Agents

Supervision

Financial

Supervision

Technical

Supervision

Statistics &

Information

Planning &

Development

Rwinsurance

Accounting

Reinsurance

Reinsurance

Supervision

Supervision

Accounting

Insurer Information

Manufacturing

Indices

Manufacturing

BIMEH MARKAZI

Annual Report

39 2014-2015

Insurance companies managing directors’ qualification approval

system

Reinsurance accepting and ceding system

Financial statements system

Agency establishment application system

Agents’ registration system

Brokers & loss adjustors’ registration system (entirely electronic

without attendance in person, plus online payment)

Claims accountability system

Annual report compilation system

Agents’ visit mobile version system

Insurance policy issuance or endorsement

Premium rate inquiry, terms & conditions of large risks and insurance

policies

Services implementation and integration (National Organization for Civil

Registration, Anti-Contraband & Currency Smuggling Headquarters, State

Organization for Registration of Deeds & Properties- Company Registration

General Office)

(By and large, more than 95 percent of financial procedures among

Bimeh Markazi and insurance/reinsurance companies are thoroughly

mechanized and based on additional information)

Value Added Services by Bimeh Markazi late 1393

(Early 2015) for Insurers & Reinsurers

Online Inquiry from IR Police

Iranian Natural Entity Information Inquiry (National Organization for

Civil Registration)

Iranian Legal Entity Information Inquiry (State Organization for

Registration of Deeds & Properties)

Value Added Services by Bimeh Markazi late 1393 (Early 2015) for

Insurers & Reinsurers

Online Inquiry from Anti-Contraband & Currency Smuggling

Headquarters

Information Inquiry about Insurance Policies, Losses, Motor TPL

Victims based on Automobile Specifications or National ID No.

Policy Information Inquiry in All Classes

The implemented subsystems

BIMEH MARKAZI

Annual Report

2014-2015 40

SANHAB

BIMEH MARKAZI

Annual Report

41 2014-2015

Insurance

Research

Center & Bodily

Injury Indemnity

Fund

BIMEH MARKAZI

Annual Report

2014-2015 42

BIMEH MARKAZI

Annual Report

43 2014-2015

Insurance

Research

Center

Dr. Safari, Head

History

With the aim of organizing insurance researches and developing a fine

infrastructure for the growth of insurance industry, the first insurance

research office was established in 1997 by Bimeh Markazi. At the end of

February 2000, the General Assembly of Bimeh Markazi authorized the

foundation of the Insurance Research Center (IRC). On May 18, 2004,

the establishment of IRC was officially conceded by the Higher Education

Development Council of The Ministry of Science and Technology and initially

three research groups were developed in the following areas: Property and

Liability Insurance, Personal Insurance, and General Studies in Insurance.

In 2006, two new groups were added to IRC research body namely the

Electronic Insurance Research Group and Islamic Studies of Insurance

research groups. Since then, IRC has had five research groups.

BIMEH MARKAZI

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2014-2015 44

Mission

To identify the research requirements of the insurance industry

To undertake fundamental, applied, and developmental research

projects for the growth of the insurance industry

To provide necessary facilities appropriate for insurance research

activities

To promote collaboration with foreign and domestic universities and

academic institutes

To provide consultation services to anyone interested based on the

latest research findings

To publish academic journals, books, training booklets, and software

required for professional training

To organize academic conferences and to present research findings

Deputy of Research

The deputy of research is responsible for leading, coordinating, and

supervising all the studies being carried out at IRC. Under the Deputy of

Research supervision, since 2009, multiple large-scale research plans

have been accomplished and several fundamental research projects

have been undertaken and many more are anticipated until the end of the

year. In 2014, 135 thesis/dissertation projects have been sponsored by

IRC, 23 research projects have been completed and 25 research projects

are yet to be accomplished.

BIMEH MARKAZI

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45 2014-2015

Iranian Journal of Insurance Research (Quarterly)

The Iranian Journal of Insurance Research is a quarterly journal that has

received IF (Impact Factor) from the Islamic World Science Citation Center. Up

to now, 116 numbers of this journal have been published. In 2014, 29 out of 266

articles received by the journal office were published.

Working Paper (Bimonthly)

The Working Paper is published bimonthly by the Deputy of Research of IRC

and is fundamentally focused on insurance-related case studies and theoretical

issues. Since 1998, the Working Paper has been published for 79 times.

Insurance Studies (Quarterly)

Approved by the Ministry of Culture and Islamic Guidance in 2013, this journal

has published 16 out of 167 articles received on general and applied issues in

insurance.

Insurance Horizon (Monthly)

Insurance Horizon was officially permitted for publication by the Ministry of

Culture and Islamic Guidance in 2010. It is considered to be the first bilingual,

informational and analytical insurance paper to be circulated nationwide.

Recently, it was emerged with another IRC journal namely Insurance World

Updates (1998-2013).

Iranian Journal of Risk and Insurance

Intended to share the local insurance knowledge and expertise with the international

academia, the Iranian Journal of Risk and Insurance has officially published its

first English edition.

Books

Insurance Research Center has published 165 books since 2008 in various areas

of insurance and based on the needs and requirements of the insurance society. In

2014, 57 books (authored and translated) were published by Insurance Research

Center.

Academic Cooperation

Since its birth, IRC has signed many MOU's and agreements with national and

international academic institutions, such as The College of Economy, Tehran University,

Shahid Beheshti University, ECO University, Sharif University, National Association of

Insurance Customer Services, Insurance Experts Association, Mazandaran University,

Gulf International Institute (Bahrain), and Malaysian Insurance Institute. The purpose

of these collaborations has been to expand professional education and development

for insurance industry.

Training

Insurance Research Center is considered to be the main vehicle for educating Iranian

insurance industry. It holds training courses, workshops, seminars, educational tours

and nation-wide exams for agencies and brokers.

Publications

Journals

BIMEH MARKAZI

Annual Report

2014-2015 46

Bodily Injury

Indemnity Fund

Jabbari, Head

History

In our country, the Compulsory Civil Law of the Third Party Liability Insurance for

Owners of Land Motor Vehicles was approved on 1968.12.17 (1347.9.26). Forty years

later, its Amendment Law was approved on 2008.7.6 (1387.4.16) under the chronological,

local, legal, and economic circumstances.

The Bodily Injury Indemnity Fund was established according to Article 10 of Amendment

Law of the Compulsory Civil Law of Third Party Liability Insurance for Owners of Land

Motor Vehicles and its Bylaw was approved on 1969.7.12 (1348.4.21) by the Board of

Ministers.

Consistent with Article 3 of the Administration Regulations, approved on 2009.12.13

(1388.9.22), the Bodily Injury Indemnity Fund is comprised of General Assembly, Supervision

Board, Head of Fund, and Auditors. More importantly, the Fund General Assembly

consists of four Ministers of "Economic Affairs and Finance", "Industry, Mine and Trade",

"Justice", "Cooperatives, Labour and Social Welfare", along with the President of Bimeh

Markazi Iran (Central Insurance of IR Iran). The Head of the Fund is proposed by the

President of Bimeh Markazi and approved by the General Assembly for a term of four

years. The Head of the Fund is a member of the Supervision Board, as well.

BIMEH MARKAZI

Annual Report

47 2014-2015

Mission

In accordance with Article 10 of the Motor TPL Insurance Amendment Law on

grounds of protecting driving accident victims and compensation for bodily injury

to Third Parties due to the lack or expiration of the insurance policy, insurer

insolvency, or just in case the insurance contract is void, or the insurance coverage

is suspended, provided that liable person for the accident is not declared - hit and

run, or bodily injuries are beyond the insurance policy conditions, (excluding definite

cases in Article 7 of Amendment Law of Motor TPL Insurance Law), claims will be

paid by an independent fund, i.e. Bodily Injury Indemnity Fund.

Statistics

Statistical information from 2008(1387) till the end of 2014 are summarized in the

following table;

Human resource(2013) Number share

Female 35 28

Male 76 72

111 100

University degree share

Master 26

Bachelor 40

Associate degree 34

Human resource

Academic degree of staff

Amounts in Billion IR Rls.

Paid Loss

Year Number of Cases Number of Injured

People Amount Share (%)

2008 4716 5549 787 5

2009 4418 5197 788 5

2010 6613 7781 1280 7

2011 6468 7610 1360 8

2012 7724 8889 2653 15

2013 10383 12021 4570 27

2014 10617 12122 5733 32

Total 50939 59169 17137 100

BIMEH MARKAZI

Annual Report

2014-2015 48

Amount (billion IR.RLs)

2008

6000

5000

4000

3000

2000

1000

0

2009

2011

2012

2013

2014

2010

2653

1360

1280

787

788

4570

5733

Number of Cases

2008 5549

5197

7781

7610

14000

12000

10000

8000

6000

4000

2000

0

2009

2011

2012

2013

2014

2010

12122

12021

8889

BIMEH MARKAZI

Annual Report

49 2014-2015

BIMEH MARKAZI

Annual Report

2014-2015 50

Iranian

Insurance

Market

In Iranian insurance market direct premiums of

life insurance recorded 45.5% growth during this

year.

Insurance classes except for Credit, Hull,

Aviation and Cargo with negative growth 58.4,

19.8, 18.6 and 15.2 percent, respectively yielded

acceptable growth and the increased volume of

premiums for all of them resulted in the overall

26.7 percent growth for the total premium of

1393 (2014-2015).

BIMEH MARKAZI

Annual Report

51 2014-2015

Iranian

Insurance &

Reinsurance

Companies

BIMEH MARKAZI

Annual Report

2014-2015 52

Alborz Insurance Co.

Day Insurance

Dana Insurance Co.

Razi Insurance Co.

Novin Insurance Co.

Omid Insurance Co.

Arman Insurance Co.

Moallem Insurance Co.

Pasargad Insurance Co.

Iran Moein Insurance Co

Sina Insurance Co.

Sarmad Insurance Co.

بیمه کوثر

Asia Insurance Co.

Karafarin Insurance Co.

Day Insurance Co.

Iranian Reinsurance Co.

Kosar Insurance Co.

Amin Reinsurance Co. Kish P&I Club

Alborz Insurance Co.

Tose'e Insurance Co.

Saman Insurance Co.

Hafez Insurance Co.

Ma Insurance Co.

QITA P&I Club

Iran Insurance Co.

Parsian Insurance Co.

Mellat Insurance Co.

Mihan Insurance Co.

Taavon Insurance Co.

Asmari Insurance Co.

بيمه نوين( سهامي عام)

Novin Insurance

BIMEH MARKAZI

Annual Report

53 2014-2015

Iranian Insurance Market

Direct Premium

During the year 1393 (2014), one state-owned insurance company, namely Iran

Insurance Co., along with 28 private insurance and reinsurance companies

operated in the Islamic Republic of Iran, including Asia, Alborz, Dana, Moallem,

Parsian, Karafarin, Razi, Tose’e, Sina, Mellat, Hafez, Omid, Day, Saman,

Novin, Iran Moein, Pasargad, Mihan, Kosar, Ma, Arman, Kish P&I Club, QITA P&I

Club, Asmari, Taavon, and Sarmad that produced total direct premium of IR Rls.

205,400 billion; Amin Re and Iranian Re are also major reinsurance companies

operating in Iran.

Increase in the volume of total premium, compared with last year, was IR Rls.

43,344 billion, representing an increase of 26.7 percent. The following table

shows the rising trend in the volume of direct premium over the last five years.

In Iranian insurance market direct premiums of life insurance recorded 45.5%

growth during this year.

Insurance classes except for Credit, Hull, Aviation and Cargo with negative

growth 58.4, 19.8, 18.6 and 15.2 percent, respectively yielded acceptable

growth and the increased volume of premiums for all of them resulted in the

overall 26.7 percent growth for the total premium of 1393 (2014-2015). Figures

for other insurance classes are mainly composed of premiums for money and

a number of different branches with low premium volume (totally 0.1%) in the

market.

Year Amount Growth Rate (%)

1389(2010) 59,161,052 27.4

1390(2011) 86,092,043 45.5

1391(2012) 131,567,136 52.8

1392(2013) 162,055,787 23.2

1393(2014) 205,399,791 26.7

Table 1. Direct Premium (Million IRR)

BIMEH MARKAZI

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2014-2015 54

Class

1392 (2013) 1393 (2014)

Amount Share(%) Growth(%) Amount Share(%) Growth(%)

Fire 6,334,889 3.9 31.7 8,276,752 4.0 30.7

Cargo 2,323,473 1.4 98.0 1,969,155 1.0 -15.2

Accident 9,259,980 5.7 14.5 12,400,841 6.0 33.9

Motor(P.D) 11,580,977 7.1 40.9 13,652,430 6.6 17.9

Motor(T.P.L) 69,372,221 42.8 16.4 86,762,020 42.2 25.1

Health 30,563,438 18.9 15.2 40,545,138 19.7 32.7

Hull 1,685,209 1.0 2.3 1,351,575 0.7 -19.8

Aviation 1,599,472 1.0 77.9 1,301,717 0.6 -18.6

Engineering 2,088,709 1.3 34.5 2,343,215 1.1 12.2

Liability 8,984,364 5.5 32.5 11,403,824 5.6 26.9

Credit 288,307 0.2 40.2 119,957 0.1 -58.4

Oil &

Energy 3,029,545 1.9 80.3 3,583,041 1.7 18.3

Life 14,781,779 9.1 44.2 21,508,859 10.5 45.5

Others 163,421 0.1 -2.5 181,267 0.1 10.9

Total 162,055,787 100.0 23.2 205,399,791 100.0 26.7

Table 2. Insurance Market Direct Premium

Insurance Market Direct Premium

(Million IRR)

1389

(2010)

220,000

200,000

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

1390

(2011)

1392

(2013)

1393

(2014)

1391

(2012)

BIMEH MARKAZI

Annual Report

55 2014-2015

Insurance Market Direct Premium

in % 1393(2014)

Motor(P.D) 6.6

Accident 6.0

Cargo 1.0

Life 10.5

Oil & Energy 1.7

Credit 0.1

Liability 5.6

Engineering 1.1

Aviation 0.6

Hull 0.7

Health 19.7

Motor(T.P.L) 42.2

Fire 4.0

Others 0.1

BIMEH MARKAZI

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2014-2015 56

Class

1392 (2013) 1393 (2014)

Amount Share(%) Growth(%) Amount Share(%) Growth(%)

Fire 1,917,694 1.8 8.6 2,611,956 2.1 36.2

Cargo 254,110 0.2 26.5 475,577 0.4 87.2

Accident 3,033,652 2.9 24.6 5,354,397 4.3 76.5

Motor(P.D) 6,452,445 6.2 26.9 7,604,356 6.1 17.9

Motor(T.P.L) 49,258,859 47.0 29.8 59,195,431 47.5 20.2

Health 32,608,531 31.1 42.9 33,410,258 26.8 2.5

Hull 1,011,106 1.0 255.7 367,918 0.3 -63.6

Aviation 124,641 0.1 -8.1 392,025 0.3 214.5

Engineering 501,596 0.5 19.7 1,130,601 0.9 125.4

Liability 4,751,052 4.5 32.2 6,513,501 5.2 37.1

Credit 95,510 0.1 2,358.3 82,926 0.1 -13.2

Oil & Energy 142,505 0.1 72.4 465,975 0.4 227.0

Life 4,678,511 4.5 31.9 6,952,565 5.6 48.6

Others 47,094 0.04 -13.1 57,333 0.05 21.7

Total 104,877,307 100.0 33.8 124,614,822 100.0 18.8

Iranian Insurance Market

Paid Loss 1393 (2014)

In 1393 (2014), as in previous years, the share of paid loss for motor third party

liability has a major share. This is mainly attributed to the upward trend in the

court reward for blood money (Dieh Claim) and the number of car accidents. It

is notable that 53.6% of total paid loss amount of our market belongs to motor

(TPL & PD). Besides, health insurance market paid loss with 26.8% is noticeable

due to an abnormal competition in this field and the rising reimbursements of

healthcare expenses.The positive growth rate for paid loss in all classes except

for Hull and Credit resulted in the overall 18.8 percent growth for the total paid

loss of 1393. The following table displays comparative statistics of paid loss, the

percentage share of each insurance class in the market, and the growth rates.

Table 3. Insurance Market Paid Loss (Million IRR)

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57 2014-2015

Insurance Market Paid Loss in %

1393(2014)

Motor(T.P.L)

Motor(T.P.L)

Accident

Cargo

Fire

Oil & Energy

Hull

Liability

Health

Aviation

Life

Engineering

Credit

Others

BIMEH MARKAZI

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2014-2015 58

Table 4. Earned Premium, Incurred Loss & Loss Ratio

Earned Premium, Incurred Loss & Loss

Ratio

Class-wise direct earned premium and incurred loss, along with loss ratio are

shown in the table below. Considerable share and high loss ratio in TPL and

health have contributed to the maintenance of the total loss ratio of the market

at about 84.6 percent.

Year Earned Premiums Incurred Losses Loss Ratio (%)

1389(2010) 52,347,521 41,121,660 78.6

1390(2011) 70,870,334 54,052,089 76.3

139 (2012) 100,495,359 83,027,498 82.6

1392(2013) 129,954,463 116,022,222 89.3

1393(2014) 157,311,735 133,055,133 84.6

(Million IRR)

• Based on bylaw ratified by HCI, in calculating earned premium, paid legal tax

is deducted. Also, in calculating loss ratio, sales network commissions & general

administrative expenses are excluded.

BIMEH MARKAZI

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59 2014-2015

1389 (2010)

Earned Premium Incurred Loss

1390 (2011) 1391 (2012) 1392 (2013) 1393 (2014)

165,000

155,000

145,000

135,000

125,000

115,000

105,000

95,000

85,000

75,000

665,000

55,000

45,000

35,000

25,000

15,000

Insurance Market Earned Premium & Incurred Loss

Billion IRR

Billion IRR

Insurance Market Earned Premium & Incurred Loss

1393 (2014)

140000

120000

100000

80000

60000

40000

20000

0

Fire

Cargo

Accident

Motor(P.D)

Motor(T.P.L)

Health

Hull

Aviation

Engineering

Liability

Credit

Oil & Energy

Life

Others

BIMEH MARKAZI

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2014-2015 60

Loss Ratio 1393 (2014)

Table 5. Earned Premium, Incurred Loss & Loss Ratio

Market 84.6%

120

100

80

60

40

20

0

Fire

Cargo

Accident

Motor(P.D)

Motor(T.P.L)

Health

Hull

Aviation

Engineering

Liability

Credit

Oil & Energy

Life

Others

Class

1392(2013) 1393(2014)

Earned

Premiums

Incurred

Losses

Loss

Ratio(%) Earned Premiums Incurred

Losses

Loss

Ratio(%)

Fire 5,878,838 2,457,354 41.8 7,085,906 2,769,738 39.1

Cargo 1,594,074 411,087 25.8 2,397,155 438,202 18.3

Accident 7,986,545 3,436,534 43.0 10,243,784 6,456,786 63.0

Motor(P.D) 10,284,518 6,612,363 64.3 12,743,152 8,131,295 63.8

Motor(T.P.L) 51,629,440 53,553,057 103.7 64,326,008 68,443,722 106.4

Health 30,500,606 35,801,128 117.4 35,808,891 33,836,531 94.5

Hull 2,022,890 536,789 26.5 1,427,555 549,320 38.5

Aviation 1,349,454 69,415 5.1 1,409,413 477,848 33.9

Engineering 2,003,792 981,498 49.0 2,204,215 889,434 40.4

Liability 8,317,991 6,835,236 82.2 10,375,415 6,552,973 63.2

Credit 202,878 310,117 152.9 217,484 -361,186 -

Oil & Energy 2,047,877 675,154 33.0 3,749,405 1,036,583 27.6

Life 5,963,780 4,298,326 72.1 5,149,323 3,775,912 73.3

Others 171,780 44,164 25.7 174,029 57,975 33.3

Total 129,954,463 116,022,222 89.3 157,311,735 133,055,133 84.6

(Million IRR)

• Based on the bylaw ratified by HCI, in calculating earned premium, paid legal tax is deducted from

Motor (T.P.L.) and Accident. Also, in calculating loss ratio, sales network commissions and general

administrative expenses are excluded.

BIMEH MARKAZI

Annual Report

61 2014-2015

Sales Network in Iranian Insurance

Market

By the end of 2014 (1393), 29 insurance companies, 1,037 branches, 34,047

general agents, 591 official brokers, 4,879 life insurance agents, and 212 loss

adjusters operate in Iranian insurance market. Thus, by increasing the number

of insurance companies in the country during last years, the employment has

increased in insurance industry as well, and until the end of the year 1393

(2014-2015), about 18,989 individuals were in service.

Item 1389(2010) 1390(2011) 1391(2012) 1392(2013) 1393(2014)

Number of Companies * 22 25 27 29 29

Number of Branches 805 850 867 1012 1037

Number of Brokers 324 384 415 501 591

Number of General Agents 19554 25304 30958 32942 34047

Number of Life insurance agents 1344 2840 3415 4126 4879

Number of Loss adjuster ** 58 137 189 200 212

Number of Policies 31,931,184 35,880,048 39,387,073 42,788,184 45,799,593

Number of Claims 6,692,495 8,877,434 13,397,313 17,674,160 19,422,174

Nubmer

Year

Companies Employees

Branches

General agents

Life insurance

agents

Brokers

Loss adjuster **

State Owned

Companies

Private

Companies

State

Owned

Companies*

Private

Companies

1389(2010) 1 21 5068 10370 805 19554 1344 324 58

1390(2011) 1 24 5121 11287 850 25304 2840 384 137

1391(2012) 1 26 5078 12490 867 30958 3415 415 189

1392(2013) 1 28 5060 13343 1012 32942 4126 501 200

1393(2014) 1 28 5050 13939 1037 34047 4879 591 212

Table 6. Sales Network in Iranian Insurance Market

Table 7. Sales Network of Insurance Industry

* Two of the companies just do reinsurance operation.

** Number of issued permits without considering cancellation or pending

* Including the staff of Bimeh Markazi

** Number of issued permits without considering cancellation or pending

BIMEH MARKAZI

Annual Report

2014-2015 62

Number of Insurance Companies

Share of Private Companies of Insurance Market

1389

(2010)

22

25

27

29 29

1390

(2011)

1391

(2012)

1392

(2013)

1393

(2014) Share of Insurance Companies

At the time of privatization movement in insurance industry in the year 1383

(2004), the share of non-governmental insurance companies from market’s

premium increased; in the year 1393 (2014), about 59.3 percent of market’s

premium and 52.4 percent of market’s loss belonged to this section.

1389

(2010)

53.9

50.0

53.3

48.3

54.6

50.1

56.5

50.9

52.4

1390

(2011)

1391

(2012)

1392

(2013)

1393

(2014)

Share of Direct Premium Share of Paid Loss

59.3

BIMEH MARKAZI

Annual Report

63 2014-2015

Table 8. Share of Companies in Insurance Market

Year

Share of Direct Premium Share of Paid Loss

State Owned

Companies

Private

Companies

State Owned

Companies

Private

Companies

1389(2010) 46.2 53.9 50.1 50.0

1390(2011) 46.7 53.3 51.7 48.3

1391(2012) 45.4 54.6 49.9 50.1

1392(2013) 43.5 56.5 49.1 50.9

1393(2014) 40.7 59.3 47.6 52.4

(In %)

Iran’s Share in Global Market and the

Region in 1393 (2014)

In the year 1393 (2014), the share of insurance industry of Islamic Republic of

Iran from produced premium of Global insurance market was 0.15 percent and

in the insurance market in the Region was 12 percent. The premium of Iranian

insurance industry increased from 6.5 billion Dollars in 1392 (2013) to 7.3 billion

Dollars in 1393 (2014). Moreover, the worldwide rank of the Islamic Republic of

Iran is 45 in terms of premium production. The insurance premium per person

has increased from 2.1 million Rials (84 Dollars) in 1392 (2013) to 2.6 million

Rials (94 Dollars) in 1393 (2014). National insurance penetration rate increased

to 1.90 percent this year.

Year Share of World Market (in %) Share of Regional Market (in %)*

1389(2010) 0.13 13

1390(2011) 0.15 14.1

1391(2012) 0.23 19.3

1392(2013) 0.14 11.2

1393(2014) 0.15 12.0

Table 9. Iranian Insurance Share of Direct Premium in Global Insurance Market

* The Region specified in rule document of 20 years vision in IR Iran for 1404 (2025) that includes 25 countries.

It is worth mentioning that due to changes in exchange rate (Dollar to Rial) from IRR

12260 in 1391 (2012) to IRR 25102 in 1392 (2013), amount of produced premium has

decreased in dollar terms which has had a descending impact in the share of Iran in

regional and global insurance market.

BIMEH MARKAZI

Annual Report

2014-2015 64

• The Decline of penetration rate in Iranian insurance industry in 1392 is due to lower

produced premium growth (23.2%), compared with GDP nominal growth (31.8%).

• The reduction of produced premium growth in insurance market is somehow affected

by withdrawal of health suplementary coverage of social security organization contrary

to laws and regulations of commercial insurance from the portfolio of insurance industry.

Insurance Density & Penetration

Table 10. Worldwide Rank of Iranian Insurance & Economy

1389

(2010)

1390

(2011)

1391

(2012)

1392

(2013)

1393

(2014)

1.37

77

93

141

1.41

1.86

1.73

1.90

Insurance Density (US$) Insurance Penetration (%)

Year

Iranian Insurance Iranian Economy

Direct

Premiums *

rank

Insurance

Density **

rank

Insurance

Penetration

(%) ***

rank

Gross

Domestic

Product (GDP)

*

rank

Exchange rate

(Rls) to (US$)

1389(2010) 59,161 46 0.8 73 1.37 73 4,304,264 26 10,364

1390(2011) 86,092 44 1.1 69 1.41 72 6,104,868 21 12,260

1391(2012) 131,567 42 1.7 64 1.86 66 7,091,389 27 12,260

1392(2013) 162,056 42 2.1 66 1.73 67 9,343,070 32 25,102

1393(2014) 205,400 45 2.6 70 1.90 62 10,807,477 31 27,994

* In Billions of Rls

** Premiums per Capita (in Millions of Rls)

*** Direct Premiums divided on GDP

84

94

BIMEH MARKAZI

Annual Report

65 2014-2015

Financial

Statements

BIMEH MARKAZI

Annual Report

2014-2015 66

In the year 1393(2014-2015), Bimeh Markazi had a

gross reinsurance premium of IRR 46,167,145 Million

showing an increase of IRR 8,938,539 or 24.00 percent

over the preceding year.

909,439

12,191,476

310,003

3,521,110

89,530

Balance Sheet as at 29/12/1393 (20.3.2014)

Items

Ass ets

Current Assets

Cash & Cash Equivalents

Amount Due from Local Insurance Co.

Amount Due from Foreign Insurance Co.

Other Receivables

Deposit on Reinsurance Accepted

Investment

Short-term

Long-term

19,877,071

20,861,435

10,983,893

21,870,103

32,853,996

1392

857,467

8,198,557

334,743

2,685,148

95,218

12,171,133

1,363,539

10,853

1,651,007

679,640

3,705,039

48,730,168

Other Assets

Tangible Assets and Inventories

Intangible Assets

Tax Paid in Advanced

Other Assets

TOTAL ASSETS

BIMEH MARKAZI

Annual Report

67 2014-2015

(Million IRR)

17,021,558

40,738,506

1,435,877

9,937

2,466,393

1,217,944

5,130,151

62,890,215

1393

BIMEH MARKAZI

Annual Report

2014-2015 68

Items

Liability and Equity

Current Liability

Amount Due to Local Insurance Co.

Amount Due to Foreign Insurance Co.

Deposit on Premium Ceded

Other Liabilities

821,464

81,780

20,597

2,097,513

1392

1,598,560

184,352

21,311

1,238,999

3,043,222

Long Term Liability

Employees Funds

3,199,883

Technical Provisions

133,476

3,176,698

Life

Gross Provisions

Less Retro Ceded Business

21,607,317

14,846,294

-

14,846,294

Non-Life

Gross Provisions

Less Retro Ceded Business

54,797,592

1,200,000

227,060

433,626

3,344,863

(312,809)

26,844,949

1,360,541

25,484,408

40,330,702

Equity

Issued Capital

Legal Reserve

Capital Reserve

Reserve for Foreign Currency Exchange

Net Profit

1,200,000

218,043

406,575

3,737,991

(339,841)

5,222,768

Total of Liability and Equity 62,890,215 48,730,168

(Million IRR)

3,021,354

178,529

178,529

21,607,317

-

34,859,579

1,669,304

33,190,275

4,892,740

4,892,740

1393

BIMEH MARKAZI

Annual Report

69 2014-2015

Items Te c hnic a l Ac count

Earned Premiums

Gross Premiums Written

Retro Ceded Premiums

Change in Gross Unearned Premiums

Change in Retro Ceded Share of

Unearned Premiums

46,167,145

(1,664,963)

(9,260,419)

127,856

Note

1392

37,228,606

(1,576,151)

35,652,455

(4,738,050)

312,189

(4,425,861)

31,226,594

13

Claims Incurred

Claims Paid

Gross Amount

Retro Ceded Amount

Change in Provision for Outstanding Claims

Gross Amount

Retro Ceded Amount

(28,445,442)

417,506

(3,290,125)

180,907

(26,227,129)

279,902

(25,947,227)

(2,730,308)

89,320

(2,640,988)

(28,588,215)

23

Personnel and Administrative Expenses

Other Income

Commissions

Commission Paid

Commission Received

Changes in Other Technical Provisions

Other Underwriting Expenses

Investment Income

(4,273,834)

260,149

(4,013,685)

(1,782,682)

(2,570,199)

5,233,473

Result of Technical Account

Net Retained Profits

187,763

(624,045)

616,622

180,340

(494,714)

(540,753)

674,399

(361,068)

(Million IRR)

Income Statement

For the years 1392 & 1393 in Annual Accounting Basis (2014-2015)

44,502,182

(9,132,563)

35,369,619

(28,027,936)

(3,109,218)

(31,137,154)

(5,149,196)

301,303

(4,847,893)

(4,847,893)

(2,225,109)

(3,190,703)

6,219,003

1393

BIMEH MARKAZI

Annual Report

2014-2015 70

Reinsurance Premium Accepted

Reinsurance Claim Paid

Notes to Financial Statements

Note 1:

In the year 1393(2014-2015), Bimeh Markazi had a gross reinsurance premium of

IRR 46,167,145 Million showing an increase of IRR 8,938,539 or 24.00 percent over

the preceding year. The volume of non-life reinsurance premium amounted to IRR

37,751,530 Million represented an increase of 22.91 percent over the last year. The

life reinsurance showed an increase of 29.16 percent in the year 1393 (2014).

The comparative figures for our reinsurance premium, accepted by the class of

business, are shown below.

Class

1391 (2012) 1392 (2013-2014) 1393 (2014-2015)

Amount Amount Share

(%)

Growth

(%) Amount Share

(%)

Growth

(%)

Fire 1,588,207 1,893,000 5.08 19.19 2,164,051 4.69 14.32

Marine Cargo 402,555 617,712 1.66 53.45 543,643 1.18 -11.99

Marine Hull 287,293 407,947 1.10 42.00 304,082 0.66 -25.46

Accident 385,147 463,487 1.24 20.34 607,573 1.32 31.09

Motor (P.D.) 2,047,401 2,246,590 6.03 9.73 2,710,322 5.87 20.64

Motor (T.P.L.) 16,488,545 15,268,822 41.01 -7.40 19,099,497 41.37 25.09

Aviation 322,422 569,856 1.53 76.74 440,537 0.95 -22.69

Engineering 494,262 778,268 2.09 57.46 539,333 1.17 -30.70

Oil & Energy 504,947 307,200 0.83 -39.16 861,716 1.87 180.51

Health 6,609,090 6,063,790 16.29 -8.25 7,998,437 17.32 31.90

Others 1,601,365 2,096,242 5.63 30.90 2,482,340 5.38 18.42

Life 4,851,647 6,515,692 17.50 34.30 8,415,615 18.23 29.16

Total 35,582,881 37,228,606 100 4.63 46,167,146 100 24.01

Class

1391 (2012) 1392 (2013-2014) 1393 (2014-2015)

Amount Amount Share

(%)

Growth

(%) Amount Share

(%)

Growth

(%)

Fire 482,868 526,104 2.01 8.95 676,795 2.38 28.64

Marine Cargo 65,750 99,537 0.38 51.39 135,765 0.48 36.40

Marine Hull 82,614 287,677 1.10 248.22 100,037 0.35 -65.23

Accident 135,277 148,379 0.57 9.69 158,262 0.56 6.66

Motor (P.D.) 1,266,365 1,479,551 5.64 16.83 1,532,262 5.39 3.56

Motor (T.P.L.) 9,937,361 12,468,240 47.54 25.47 13,906,897 48.89 11.54

Aviation 57,329 48,337 0.18 -15.68 153,456 0.54 217.47

Engineering 153,419 96,869 0.37 -36.86 374,349 1.32 286.45

Oil & Energy 24,975 29,398 0.11 17.71 117,807 0.41 300.73

Health 5,692,201 7,522,919 28.68 32.16 6,700,020 23.55 -10.94

Others 1,014,035 1,357,440 5.18 33.87 1,532,379 5.39 12.89

Life 1,707,750 2,162,678 8.25 26.64 3,057,413 10.75 41.37

Total 20,619,944 26,227,129 100 27.19 28,445,442 100 8.46

(Million IRR)

(Million IRR)

Note 2:

The comparative branch-wise figures for reinsurance claims paid, percentage share

of each class and the respective growth rates can be seen in the following table:

BIMEH MARKAZI

Annual Report

71 2014-2015

Reinsurance Premium Accepted & Claim Paid 1393 (2014-2015)

Retrocession Premiums & Claims Collected

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000

0

Fire

Marine Cargo

Marine Hull

Accident

Motor(p.D.)

Motor(T.P.L.)

Aviation

Engineering

Oil & Energy

Health

Others

Life

Reinsurance Premium Claim Paid

Note 3:

In the years 1392 (2013) and 1393 (2014) various types of reinsurance covers have

been acquired for Marine, Non-Marine and Oil & Energy business from local and

foreign reinsurance.

The following table shows retro ceded premiums and claims collected in different

branches:

Class

Retrocession Premiums Claims Collected

1392 (2013) 1393 (2014) 1392 (2013) 1393 (2014)

Marine 501,165 260,139 198,481 113,983

Non-Marine 440,998 754,653 67,818 236,557

Oil & Energy 633,988 650,171 13,603 66,966

Total 1,576,151 1,664,963 279,902 417,506

(Million IRR)

BIMEH MARKAZI

Annual Report

2014-2015 72

Total Assets, Technical Reserves & Total Investment

1391(2012) 1392(2013) 1393(2014)

70,000,000

60,000,000

50,000,000

40,000,000

30,000,000

20,000,000

10,000,000

0

Total Assets Technical Provisions Total Investment

Total investment of Bimeh Markazi, with a 24% percent increase, amounted to

IRR 40,738,506 million, at the end of 1393 (2014). Investment income for the year

1393 (2014) amounted to IRR 6,219,003 million, representing an increase of IRR

985,530 million or 18.83 percent over the previous year.

Total assets at the end of the year, by 29.06 percent increase amounted to IRR

62,890,215 million, of this figure 92.22 percent represents liabilities and technical

provisions and the remaining 7.78 percent represents the capital funds.

The retained Premium of year 1393(2014) amounted IRR 44,502,182 million

corresponding to 81.21 percent of Life and Non-Life technical provisions of Bimeh

Markazi Iran including reserves for unearned premiums and outstanding claims,

amounted to a total of the IRR 54,797,592 million at the end of that year.

Personnel and administrative expenses for the year 1393 (2014) amounted to IRR

624,045 million compared to IRR 540,753 million in the previous year.

Net loss and net profit in the years 1392 (2013) and 1393 (2014) amounted to IRR

(361,068) million and IRR 180,340 million, respectively.

BIMEH MARKAZI

Annual Report

73 2014-2015

1391 1392 Growth (%) 1393 Growth (%)

Gross Premium 35,582,881 37,228,606 4.63 46,167,145 24.01

Retained Premium 34,609,802 35,652,455 3.01 44,502,182 24.82

% of Gross Premium 97.27 95.77 - 96.39 -

Earned Premium 28,825,863 31,226,594 8.33 35,369,619 13.27

Incurred Loss 22,106,834 28,588,215 29.32 31,137,154 8.92

% of Earned Premium 76.69 91.55 - 88.03 -

Net Claim 20,499,649 25,947,227 26.57 28,027,936 8.02

% of Retained Premium 59.23 72.78 - 62.98 -

Investment & Other

Income 4,497,231 5,907,872 31.37 6,835,625 15.70

General Expenses 467,146 540,753 15.76 624,045 15.40

% of Retained Premium 1.35 1.52 - 1.40 -

Profit (Loss) 1,280,601 -361,068 -128.20 180,340 149.95

Total Assets 39,901,821 48,933,700 22.64 62,890,215 28.52

Shareholders’ Equity* 5,197,479 5,222,768 0.49 4,892,740 -6.32

Technical Reserve 31,481,172 40,330,702 28.11 54,797,592 35.87

Unexpired Risks 21,139,849 25,565,709 20.94 34,698,272 35.72

Outstanding Loss 5,127,149 7,768,137 51.51 10,877,355 40.03

Catastrophic Risk Reserve 5,214,174 6,996,856 34.19 9,221,966 31.80

Financial Highlights

Definitions:

1) Earned premium: Premium during year of account

+ Unearned premium at the end of preceding year of account

- Unearned premium at the end of year of account

2) Incurred Loss: Losses paid during the year of account

+ Reserve for outstanding losses at the end of year of account

- Reserve for outstanding losses at the end of preceding year of account

3) Unexpired Risks: Part of premium not yet earned at the end of year of account

(premium reserve at the end of year of account)

(*) Reserve for foreign currency exchange included.

(Amounts in millions IR Rls.)

BIMEH MARKAZI

Annual Report

2014-2015 74

Our responsibilities in Bimeh Markazi Iran

(Central Insurance of IR Iran) are divided

into three parts including «regulation»,

«supervision» , and «reinsurance».

Therefore, we endeavor to take steps in

line with these three areas.

BIMEH MARKAZI

Annual Report

75 2014-2015

Our

Membership

In addition to reinsurance operations, other

international activities head the agenda of Bimeh

Markazi.

BIMEH MARKAZI

Annual Report

2014-2015 76

BIMEH MARKAZI

Annual Report

77 2014-2015

In addition to reinsurance operations, other international activities head the agenda

of Bimeh Markazi. Indeed, part of the role of Bimeh Markazi in the international

arena is to prove its image and standing as an internationally active reinsurance

organization. Besides, it is presented in various international and regional cooperating

bodies. Some of the major entities are as follows;

Asian Reinsurance Corporation (Asian Re)

Asian Re is a regional inter-governmental corporation established in 1979 through

the initiative of UN/ESCAP to operate as a professional reinsurer.

Federation of Afro-Asian Insurers and Reinsurers (FAIR)

Its major objective is to foster collaboration in the markets of insurance and reinsurance

among Afro-Asian countries through defined means. Some of the established

entities within the framework of the Federation in which Bimeh Markazi is a member,

are FAIR Non-Life Reinsurance Pool, FAIR Aviation Pool, and FAIR Oil & Energy

Insurance Syndicate.

Economic Cooperation Organization (ECO)

The ECO was established in 1985 as a trilateral organization of Iran, Pakistan, and

Turkey to promote multi dimensional regional cooperation with a view to creating

conditions for sustained socioeconomic growth in the member states. Its objectives

as its modes of operation were identical to those of its forerunner, the Regional

Cooperation for Development (RCD) which remained in existence from 1964 to

1979. Activities of ECO evolve projects and programs of mutual benefit in the fields

of trade and investment, transport and telecommunications, energy, minerals and

environment, agriculture, industry and tourism, human resources and sustainable

development, project and economic research and statistics.

Association of Insurance Supervisory Authorities of Developing Countries (AISADC)

AISADC is entrusted to develop and expand interregional collaboration and

cooperation in the field of insurance supervision or regulation, extend assistance

to any developing country upon its request, in the establishment or strengthening of

insurance supervision in such country.

Association of Insurers and Reinsurers of Developing Countries (AIRDC)

AIRDC is a non-political, non-governmental, non-religious and non-profit making

association whose members are insurance or reinsurance entities, domestically

incorporated and owned by nations, bodies and/or organizations of developing

countries or areas, or other related insurance organization such as companies,

broker(s), national association(s), research or training institute licensed or registered

in any developing country or area.

Green Card Bureau

The International Motor Insurance Card System (known as Green Card System)

is designed to cater for the separate interests of traveling motorists and the party

victims of such motorists in visited countries, through reciprocal cooperation of

members under a uniform agreement between bureaux. It came into operation in

1953. Iran has been a member since 1978 and is represented by Bimeh Markazi

that administers the Iranian Bureau.

Contributors

Publisher: Bimeh Markazi Iran (Central Insurance of IR Iran)

Executive Manager: Mostafa Zandi

Department Editor: Javad Goudarzi

Coordinator: Seyed Mohammad Pishnamazzadeh

Senior Editor: Maliheh Mansouri

Photographer: Behnam Moazen

Design & Print : Negareh +98 86 3222 3555

www.centinsur.ir

pro@centinsur.ir