Brief History of Bimeh Iran

Bime Iran old building November 06, 1935 is regarded as a memorable date in Iran's insurance industry. This occasion marks the establishment of Bimeh Iran (Iran Insurance Co.), as the first-ever national Iranian insurance enterprise and, thus, the founding of this country's national insurance industry.
This company started issuing policies in various classes of insurance, within just a couple of weeks of being launched, concurrent with setting up its agencies in Mashad, Shiraz, Isfahan, Hamedan, Ahvaz and Bushehr in the very first year of its professional operation. Meanwhile, the newly formed company took up the initiative to extend grants and scholarships to dozens of students of economics and business-related fields, aimed at being subsequently trained in insurance, in a number of credible European universities and other institutes of higher education.
Absorbing more than 62 percent of the local market share in competition with its long established foreign rivals, increasing its retention capacity from 10% to 56% was among the immediate achievements scored and the urgent measures adopted by Bimeh Iran (Iran Insurance Co.) during the nuptial early years of its independent professional activities.
Furthermore, the effective role assumed by the company in introducing and promoting the basic insurance concepts, granted it with a solid national and international reputation and legitimacy, quite rare for a newly emerged and pioneering insurance enterprise. These are among the characteristic features widely believed to be associated with the proud name and emblem of Bimeh Iran (Iran Insurance Co.), which to this present day and despite the numerous challenges and developments have unfolded in the local and international markets during the past seven decades.

Bime Iran insurance company

In Persian language, Bime بیمه BĪMA (bime), meaning is “insurance”.
Because Iran insurance was only Iranian insurance company in Iran, Many Iranian and foreign people know Insurance in Iran as “Iran insurance“ and “Bime Iran insurance” and “Bimeh Iran insurance” .
A word probably of Indian origin that seems to have been used for the first time in written Persian by ʿAbd-al-Laṭīf Šūštarī in his Toḥfat al¬-ʿālam in the sense of “insuring somebody” (Maḥbūbī Ardakānī, II, p. 181). “Insurance” activities are re¬ferred to for the first time in 1308/1891, when Eʿtemād-¬al-Salṭana in his diary entry of 2 Jomādā I/13 Decem¬ber noted, “I have heard that the government of Iran has given a Russian company a concession for life and property insurance, which in French is called "assurances"” (Rūz-nāma-ye ḵāṭerāt, p. 727). Eʿtemād-al-Salṭana used the word eṭmīnān to denote “insur¬ance.” It is unknown whether or not this concession was actually granted. Insurance companies from other countries were also probing the Iranian market at that time. Most of these probes had no commercial result, however.