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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BIMEH MARKAZI
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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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2014-2015 8
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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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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
Annual Report
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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.
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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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2014-2015 16
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
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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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2014-2015 20
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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23 2014-2015
Our
Directors
General
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2014-2015 24
BIMEH MARKAZI
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25 2014-2015
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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BIMEH MARKAZI
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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
Annual Report
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
Annual Report
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
Annual Report
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
Annual Report
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
Annual Report
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)
BIMEH MARKAZI
Annual Report
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
Annual Report
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
Annual Report
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
Annual Report
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