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Reinsurance in Iran, Key Trends and Opportunities to 2017

    Published: September 2013
    Region: Iran
    79 pages
    Timetric

Synopsis
The report provides in depth segment analysis, information and insights into the Iranian reinsurance segment, including:
- The Iranian reinsurance segment’s growth prospects by reinsurance categories
- The Iranian reinsurance segment’s growth prospects by reinsurance ceded from direct insurance segments
- The competitive landscape in the Iranian reinsurance insurance segment

Summary
The Iranian reinsurance segment increased at a review-period CAGR of 30.2% (2008–2012). Despite the global economic crisis, the segment registered a year-on-year growth of 16.3% in 2009. The segment had the highest growth rate in the world of 44.3% in 2011. The uptake of motor third-party liability policies with the introduction of compulsory motor third-party liability insurance in Iran supported the growth of the reinsurance segment in 2011. According to Article 71, both life and non-life insurers must cede 50% of their premium to Iranian Central Insurance (Bimeh Markhazi), which dominated the reinsurance segment as well as regulating, expanding and guiding the overall industry. The growth of all three segments is expected to advance the forecast-period (2012–2017) growth of the reinsurance segment

Scope
This report provides a comprehensive analysis of the reinsurance market in Iran:
- It provides historical values for Iran’s reinsurance market for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key sub-segments in Iran’s reinsurance market, along with market forecasts until 2017
- It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Iran and its growth prospects

Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to the Iranian reinsurance market and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Iranian reinsurance market
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the Iranian insurance market and its impact on companies and the market's future

Key Highlights
- The Iranian reinsurance segment is driven by Article 71 of the Law, establishing Bimeh Markazi and forcing insurers to cede a minimum percentage of their premium
- The Iranian reinsurance segment’s value grew at a CAGR of 30.2% during the review period
- In terms of gross written premiums, facultative reinsurance held the largest proportion of the Iranian reinsurance segment with a 53.5% share
- Multinational reinsurers are required to have a minimum capital of IRR85 billion (US$8.1 million) in free trade zones SHOW LESS

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Iranian Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2008–2017
3.2 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance segment size, 2008–2017
3.2.2 Reinsurance Segment Size by Type of Insurance, 2008–2017
4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Life Insurance Segment Drivers
4.3 Non-Life Insurance Segment Drivers
4.4 Personal Accident and Health Insurance Segment Drivers
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Amin Re – Company Overview
5.2.1 Amin Re – key facts
5.3 Asia Insurance Co. – Company Overview
5.3.1 Asia Insurance Co. – key facts
5.4 Parsian Insurance Company – Company Overview
5.4.1 Parsian Insurance Company – key facts
6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Market capitalization trend – Tehran Stock Exchange, Iran
6.2 Economic Performance
6.2.1 GDP at constant prices (US$)
6.2.2 GDP per capita at constant prices (US$)
6.2.3 GDP at current prices (US$)
6.2.4 GDP per capita at current prices (US$)
6.2.5 GDP by key segments
6.2.6 Agriculture, hunting, forestry, fishing net output at current prices (IRR)
6.2.7 Agriculture, hunting, forestry, fishing net output at current prices (US$)
6.2.8 Agriculture, hunting, forestry, fishing net output at current prices as a percentage of GDP
6.2.9 Manufacturing net output at current prices (IRR)
6.2.10 Manufacturing net output at current prices (US$)
6.2.11 Manufacturing net output at current prices as a percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (IRR)
6.2.13 Mining, manufacturing and utilities at current prices (US$)
6.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
6.2.15 Construction net output at current prices (IRR)
6.2.16 Construction net output at current prices, (US$)
6.2.17 Construction net output at current prices as a percentage of GDP
6.2.18 Inflation rate
6.2.19 Exports as a percentage of GDP
6.2.20 Imports as a percentage of GDP
6.2.21 Exports growth
6.2.22 Imports growth
6.2.23 Annual average exchange rate IRR:US$
6.3 Infrastructure Quality and Availability
6.3.1 Commercial vehicles exports total value
6.3.2 Commercial vehicles imports total value
6.3.3 Automotive exports total value
6.3.4 Automotive imports total value
6.3.5 Total internet subscribers
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Gross national disposable income (US$)
6.5.2 Total population
6.5.3 Urban and rural population
6.5.4 Median age of population
6.5.5 Age distribution of the total population
7 Appendix
7.1 Methodology
7.2 Contact Timetric
7.3 About Timetric
7.4 Timetric’s Services
7.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Iranian Insurance – Overall Written Premium by Segment (IRR Billion), 2008–2012
Table 3: Iranian Insurance – Overall Written Premium by Segment (US$ Billion), 2008–2012
Table 4: Iranian Insurance – Overall Written Premium by Segment (IRR Billion), 2012–2017
Table 5: Iranian Insurance – Overall Written Premium by Segment (US$ Billion), 2012–2017
Table 6: Iranian Insurance – Segmentation (Percentage Share), 2008–2017
Table 7: Iranian Reinsurance by Category (IRR Billion), 2008–2012
Table 8: Iranian Reinsurance by Category (US$ Million), 2008–2012
Table 9: Iranian Reinsurance by Category (IRR Billion), 2012–2017
Table 10: Iranian Reinsurance by Category (US$ Million), 2012–2017
Table 11: Iranian Premium Ceded to Reinsurance by Type of Insurance (IRR Billion), 2008–2012
Table 12: Iranian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008–2012
Table 13: Iranian Premium Ceded to Reinsurance by Type of Insurance (IRR Billion), 2012–2017
Table 14: Iranian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012–2017
Table 15: Iranian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 16: Iranian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 17: Iranian Non-Life Insurance – Percentage of Reinsurance Ceded, 2008–2012
Table 18: Iranian Non-Life Insurance – Percentage of Reinsurance Ceded, 2012–2017
Table 19: Iranian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 20: Iranian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 21: Amin Re, Key Facts
Table 22: Asia Insurance Co., Key Facts
Table 23: Parsian Insurance Company, Key Facts

List of Figures
Figure 1: Iranian Insurance – Overall Written Premium by Segment (IRR Billion), 2008–2017
Figure 2: Iranian Insurance – Dynamics by Segment, 2008–2017
Figure 3: Iranian Premium Ceded to Reinsurance by Category (IRR Billion), 2008–2017
Figure 4: Iranian Premium Ceded to Reinsurance by Category (Percentage Share), 2012 and 2017
Figure 5: Iranian Reinsurance – Dynamics by Category, 2008–2017
Figure 6: Iranian Premium Ceded to Reinsurance by Type of Insurance (IRR Billion), 2008–2017
Figure 7: Iranian Reinsurance – Dynamics by Type of Insurance, 2008–2017
Figure 8: Iranian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 9: Iranian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 10: Iranian Non-Life Insurance – Percentage of Reinsurance Ceded, 2008–2012
Figure 11: Iranian Non-Life Insurance – Percentage of Reinsurance Ceded, 2012–2017
Figure 12: Iranian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 13: Iranian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 14: Iranian Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 15: Iranian GDP at Constant Prices (US$ Billion), 2007–2011
Figure 16: Iranian GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 17: Iranian GDP at Current Prices (US$ Billion), 2007–2011
Figure 18: Iranian GDP Per Capita at Current Prices (US$), 2007–2011
Figure 19: Iranian GDP by Key Segments (%) 2009 and 2011
Figure 20: Iranian Agriculture, Hunting, Forestry, Fishing Net Output At Current Prices (IRR Billion), 2007–2011
Figure 21: Iranian Agriculture, Hunting, Forestry, Fishing Net Output At Current Prices (US$ Billion), 2007–2011
Figure 22: Iranian Agriculture, Hunting, Forestry, Fishing Net Output At Current Prices As a Percentage of GDP (%), 2007–2011
Figure 23: Iranian Manufacturing Net Output at Current Prices (IRR Billion), 2007–2011
Figure 24: Iranian Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 25: Iranian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 26: Iranian Mining, Manufacturing and Utilities Net Output at Current Prices (IRR Billion), 2007–2011
Figure 27: Iranian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 28: Iranian Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2007–2011
Figure 29: Iranian Construction Net Output at Current Prices (IRR Billion), 2007–2011
Figure 30: Iranian Construction Net Output at Current Prices (US$ Billion), 2007– 2011
Figure 31: Iranian Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 32: Iranian Inflation Rate (%), 2007–2011
Figure 33: Iranian Exports as a Percentage of GDP (%), 2007–2011
Figure 34: Iranian Imports as a Percentage of GDP (%), 2007–2011
Figure 35: Iranian Exports Growth (%), 2007–2011
Figure 36: Iranian Imports Growth (%), 2007–2011
Figure 37: Iranian Annual Average Exchange Rate US$–IRR, 2007–2011
Figure 38: Iranian Commercial Vehicles Exports Total Value (US$ Million), 2007–2011
Figure 39: Iranian Commercial Vehicles Imports Total Value (US$ Million), 2007–2011
Figure 40: Iranian Automotive Exports Total Value (US$ Million), 2007–2011
Figure 41: Iranian Automotive Imports Total Value (US$ Million), 2007–2011
Figure 42: Iranian Internet Subscriptions (Millions), 2007–2011
Figure 43: Iranian Size of Labor Force in 15–59 Age Group (Million), 2007–2011
Figure 44: Iranian Unemployment Rate (%), 2007–2011
Figure 45: Iranian Gross National Disposable Income (US$ Billion), 2007–2011
Figure 46: Iranian Total Population (Million), 2007–2011
Figure 47: Iranian Urban and Rural Population (%), 2007–2011
Figure 48: Iranian Median Age of Population (Year), 2007–2011
Figure 49: Iranian Population Distribution by Age (%), 2007–2011

Amin Re
Asia Insurance Co.
Parsian Insurance Company