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June 21, 2022updated 28 Jun 2022 12:26pm

Iran insurance industry grows at a CAGR of 29.1% in 2020

By Carmen



The insurance industry in Iran witnessed a rise at a compound annual growth rate (CAGR) of 29.1% during 2015 to 2020 to reach $19.5bn (IRR820,287bn) in 2020, according to GlobalData’s global insurance database.

From 2015 to 2020, the life insurance and pension market grew at a CAGR of 35.1%, whereas the general insurance market registered a CAGR growth of 28.2%.

The insurance industry in Iran is forecasted to grow at a CAGR of 24.1% during 2020 to 2025 to reach $57.5bn (IRR2,414,775.8bn) in 2025. Over the projection period, life insurance and pension is expected to grow at a CAGR of 24.9%, whereas general insurance is projected to grow at a CAGR of 24%.

Market composition

General insurance led the insurance market, holding a value of $16.5bn (IRR695,057bn) and a share of 84.7% in 2020. Life insurance and pension held a value of $3bn (IRR125,230bn) and a share of 15.3%.

Growth rate by markets

In 2020, the life insurance and pension market grew at a rate of 44.9% over 2019, followed by the general insurance market which registered a growth rate of 36.8% over the previous year.

Methodology

This analysis is drawn from GlobalData’s Global Insurance Database, which tracks key insurance metrics across segments, categories, and line of businesses for 170 markets, globally. The data is sourced from regulatory bodies and insurance associations and is mapped as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.

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