Hafez Insurance holds the record for the highest percentage of production premium growth
According to the financial monetary news quoted by public relations, Hafez Insurance Company, with its good performance in the last few years, has been able to leave significant statistics in important insurance indicators.
Financial wealth
Hafez Insurance Company, with its good performance in the last few years, has been able to reach the level of a financial wealth of the insurance industry by increasing its level of financial wealth by 52%. The company’s wealth ratio in 1400 is equal to 110%, which indicates a reliable trend for compensation. As it is clear, after gaining a ratio of 52 in 1398 and 72 in 1399, this company has succeeded in gaining a ratio of 110 in 1400, which shows an upward trend in the wealth ratio of this collection.
A noteworthy point to note is that in terms of the percentage of wealth growth in 1400, Hafez Insurance Company is one of the top six companies in the insurance industry. Hafez Insurance Company, with a growth rate of 52.8%, has more than doubled the average of the insurance industry in this area.
Production premium
The growth of Hafez Insurance Company can not be summarized only in terms of wealth, statistics show that by the end of December 1400, this company has been able to have as much production premiums as the whole of 1399. Also in 1399, with the production of 1088 billion rials in insurance premiums, this company has been able to record a growth of 104% compared to 1398. It should be noted that Hafez Insurance Company, with this percentage growth in production premiums, has a record growth percentage in the insurance industry in 1399, which is a significant statistic.
The growth rate of production premiums of Hafez Insurance Company in 1399 can be compared with the growth rate of production premiums of the insurance industry. This comparison helps to create a better understanding of the market share of Hafez Insurance Company. Hafez Insurance Company in 104, has a 104% growth in production premiums, which is only 37% for the insurance industry; This indicates that Hafez Insurance has increased its share of production premiums in the insurance industry in recent years.
Production premium by field
To examine this issue more closely, this percentage of production premium growth can also be considered by disciplines. As it is known, in most fields (10 out of 12 fields studied), the growth rate of Hafez Insurance Company’s production premium has been much higher than the growth rate of the insurance industry. This is especially true for the disciplines of life, aircraft, medicine, ships, and fire.
Number of insurance policies issued
It is also important to note that due to inflation, in many cases the percentage of premium growth is due to inflation. Although the growth rate of production premiums of Hafez Insurance Company in all fields was much higher than the amount of inflation in 1399, but examining the number of issued insurance policies and comparing it with the insurance industry can also have a better look at the performance of Hafez Insurance Company. As it is known, Hafez Insurance Company has also performed very well in the growth rate chart of the number of issued insurance policies. Despite the corona pandemic and the decline in insurance acceptance, the small growth rate of insurance market insurance is clear. In the insurance market in 1399. A review of the company’s performance by the end of 1400 confirms the same
It should be noted that although the growth percentage factor can be important, but its impact is also important given the share of the production premium company that has it. The third party and surplus sector, which has about 47% of the company’s share, has a growth rate of about 52%. However, disciplines such as life and treatment with a share of more than 8% of the company, have a very high growth rate of 2302% and 991%, respectively, which, considering the share of their company, have had a great impact on the company’s position growth. In other fields of insurance, whose share is less than 6%, the growth rate of their production premiums is also significant.
Also, the share of the company in all insurance fields of Hafez Insurance Company in the last six years has been considered. As it is clear, despite the growth of production premiums in all fields, the company has taken steps to balance its production portfolio. This can be seen in the changing market share of life, liability and health insurance.
Efficient sales network
Another important point to consider is the role of the sales network in Hafez Insurance Company. A review of the company’s statistics compared to the insurance industry shows that more than 92% of the company’s total production premium is indirectly generated by agents and brokers. This is while the share of indirect production premiums of the private sector of the insurance industry is equal to 87.7%, the public sector is equal to 77.1% and the total insurance industry is equal to 80.5%.
It should also be noted that the indirect production premium of Hafez Insurance Company in 1399 was more than double (120%) in 1398. Given the 104% growth in total production premiums, this indicates that the share of indirect production premiums of Hafez Insurance Company is increasing. Also in this form, the share of brokers and representatives and the direct production insurance premium of Hafez Insurance Company are specified. Of the total 1088 billion rials of production premiums, 60% were related to agents, 33% were related to brokers and finally 7% were directly related.
