74% growth in insurance company claims
In the first 7 months of this year, the insurance industry’s claims in the field of credit, which is used to cover the risk of non-payment of debts, has grown significantly compared to the same period last year.
The latest Central Insurance report on the state of the country’s insurance industry indicates that during the first seven months of this year, more than 159 premiums have been paid by policyholders to insurance companies, which has grown by 64.4% compared to the same period last year.
Out of 159 production insurance premiums during the first seven months of this year, 48.8% of it, i.e. 77.7, was spent on paying damages to policyholders.
The claims paid by insurance companies during the first seven months of this year have increased by 74.2% compared to the same period last year, which has recorded a higher growth than the production insurance premium during the same period of time.
The influx of oil and gas to be insured
The Central Insurance report shows that the growth of production insurance premiums of most insurance fields during the first seven months of this year compared to the same period last year was between 15 and 224% (except for the credit field with a 30% drop in production insurance premiums), which in total caused a 64% increase in premiums. Production insurance is the insured market.
During this period, the highest increase in the produced insurance premium was related to oil and energy insurance and was equal to 224%. Production insurance premium for oil and energy insurance has reached more than 7.3 thousand billion tomans during the first seven months of this year.
Oil and energy insurance to cover the possible damages of accidents in the operations of discovery, extraction and development of oil and gas resources (including wells, facilities, operations and drilling devices), oil and gas refineries and their development, petrochemical facilities in operation, construction and installation of facilities Oil, gas and petrochemicals, motor oil production plants, oil tanks and pipelines on land and sea are the ones for which large investments have been spent.
After oil and energy insurance, the highest growth in production insurance premium belongs to the two fields of money and aircraft, so that the production insurance premium of this field has increased by 128% and 96% respectively during the mentioned period.
Money insurance actually includes funds in the safe and money in transit (in transit), in which types of cash include types of current money (banknotes, musukkut) and foreign currency and non-cash funds including types of checks, promissory notes, stamps, bonds and contributions. , gold and silver ingots and coins are covered by insurance, which statistics show that this insurance has attracted a lot of people’s attention in the last year.
The only field that faced a drop in production insurance premiums is credit insurance, so that the amount of production insurance premiums in the first 7 months of this year reached 4.3 billion tomans, which has decreased by about 30% compared to the same period last year.
Credit insurance or credit insurance is a process in which a person or a company buys service insurance from a company to prevent the risks of not paying their debts and financial claims. Credit insurance is commonly used in large industries and international trade and helps companies maintain their trust and credibility in the market. In case of non-payment of debts, the insurance company will be responsible for paying them to the investor.
Woe to the uncredited to the life of the insurance industry
On the other hand, the analysis of the statistics shows that among the insurance fields, the highest growth of paid damages was related to credit insurance. In the first 7 months of this year, the amount of insurance claims for credit has reached more than 6.5 billion tomans with a considerable growth of 1309% compared to the same period last year.
Credit insurance is an insurance that somehow supports providers and producers who provide some kind of facilities and funds to people under the title of loan. In credit insurance, the risk of non-repayment of installments of credit recipients who have received credit from the insurer in the form of installment sale or rent under the condition of acquiring the goods is covered by the insurance.
It seems that the high damage of credit insurance and the risk of this type of insurance have caused insurance companies to refuse to receive insurance premiums in this field, which is evident in the central insurance report.
After credit insurance, the highest growth in the compensation paid by insurance companies was related to money insurance, which increased by 164 percent during the mentioned period.
But in total, the high growth of 74% of total claims paid by the insurance industry during the first 7 months of this year compared to the same period last year is mostly due to the performance of medical, third-party-excess and car body insurance fields with a major share in the market (respectively 42.6, 29.5 and 9.5 percent) and the high growth of damages paid in them was equal to 83, 72 and 86 percent.
The largest share of damages paid in the insurance market is still allocated to 4 fields of treatment, third party, life and car body, which is about 90% in total; The remaining 10% of damages have been paid in 12 other fields.
