The insurance industry paid 36.5 percent more in damages

According to the Monetary and Financial News, quoting the General Directorate of Public Relations and International Affairs of the Central Insurance, the changes in production premiums and claims paid compared to the same period last year increased by about 41.2 and 36.5 percent, respectively.
According to the report, the growth of production premiums in most insurance fields (with 85.6% share of the premium) except for the fields: aircraft, ship, engineering, car hull, money and oil and energy (with a total share of 14.4% share Premiums) whose premium growth is lower than the insurance market is higher than the growth of the insurance market.
Experience shows that the growth of market production premiums in periods of less than 9 months is accompanied by many changes, and after that, the growth of the insurance market is close to its annual rate.
The report adds that the growth of production premiums in the two Middle East life insurance companies and Baran is three digits due to the early years of activity, but the main reason for the growth of production premiums above 96.6% in Dey Insurance Company is due to the major share of treatment. Production insurance (49.7%) with a growth of 102%.
It is worth mentioning that this issue is due to the signing of a group treatment contract with Khatam Al-Anbia Camp, Medical Sciences Organization and Tehran Metro.
The report states that the market loss ratio decreased by 1.7 points compared to the first 7 months of last year to 48.6 percent, although in calculating this ratio, the amount of deferred losses, insurance premium reserves, sales network fees and administrative expenses – General insurance companies are not considered.
It should be noted that a review of the performance statistics of companies and insurance companies in terms of “loss ratio” over a period of seven months can not provide a favorable assessment of their performance and show their real activity.
The three disciplines of ship (with 218%), treatment (with 96.2%) and car hull with 55.4% had a higher damage ratio than the insurance market.
This report states that the loss ratio of 7 insurance companies, Moallem, Sarmad, Dana, Mihan, Arman and Omid, is much higher than the level of the insurance market.
The ratio of declared damages in Dey Insurance Company is 49.7% of the total premium and 92.6% of the total damages due to the major share of the treatment in this company and the high ratio of damages in this field is equivalent to 341.7%. The damage in the field of treatment in this company is mostly affected by the group treatment insurance policy of the Martyr and Veterans Affairs Foundation, which covers about 1.6 million people and pays an average of 250 billion Tomans in damages per month in connection with the said contract. Slowly
Therefore, the share of the non-governmental sector in production premiums and claims paid by the insurance industry was about 67.5% and 71.5%, respectively.
Also in examining the share of insurance companies in the market, 8 insurance companies: Iran, Asia, Dana, Alborz, Pasargad, Kowsar, Moallem and Parsian have a total of 76.3% of the market premium and 23.7% The rest of the premium is generated by 20 other insurance companies.
According to the report, the share of the three disciplines of third party insurance and surplus, treatment and life insurance is 35.5, 18.3 and 15% of the production premium portfolio in the market, respectively, with the share of companies and insurance disciplines in periods of less than one The year usually brings many changes, so in analyzing the share of the insurance market portfolio, this issue should be considered.
During these seven months, about 38.6 million insurance policies were issued and 27.8 million claims were paid.
The number of insurance policies issued and the number of claims paid compared to the first 7 months of the previous year, except for the fields: cargo, aircraft, liability, ship, engineering, oil and energy, which in total with only a share of 3.6% in the insurance market with a decrease in The number of issued insurance policies increased by 2.5% and 21.2%, respectively.
The above report adds: a 21.2 percent increase in the number of claims paid in the market, mostly due to a 22.7 percent increase in the number of health insurance with a major share of 94.1 percent of the number of claims paid in the insurance market.
It is worth mentioning that this statistic is based on the self-declaration of insurance companies in the Sanhab system, which is published in order to clarify and enlighten public opinion.
Obviously, the details of this report, statistical details by companies’ performance and related tables will be available in the Central Insurance Portal.

To view the above statistics Here click.