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Iran Reduces Insurance Cession Rates, Valid Until March 2023

Iran Reduces Insurance Cession Rates, Valid Until March 2023

Iran Reduces Insurance Cession Rates, Valid Until March 2023

Iran Reduces Insurance Cession Rates, Valid Until March 2023

Iran’s insurance regulator, Central Insurance of Iran (CII), plans to lower the country’s non-life and life cession rate to 9% and 17% respectively, valid until March 2023.

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According to Article 72 of the country’s Central Insurance Establishment statute, the insurance regulator in Iran establishes a mandatory cession to track market performance. Prior to ten years ago, the rate for life insurance was 50% and non-life insurance was 25%.

Iran Reduces Insurance Cession Rates

The rate for non-life insurance plans was 10%, while the rate for life insurance products was 20% in the most recent financial year.

INVEST IN IRAs, SECURE YOUR FUTURE

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But the mandatory cession rate will now be lower, according to a notice from the agency.

Iran’s fifth five-year growth plan includes a crucial component on growing the local insurance business. It seeks to cover 5.2 million government employees and their families with medical insurance, bringing the total number of persons with medical insurance from 4.3 million to 4.5 million (up from 200,000 at present).

Earlier this month, the CII appraised the risk retention capacity of insurers, giving itself the top spot. The state-owned IIC can reportedly handle $107 million in risk. Pasargad Insurance Company is second at $43m.

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I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.

IBEH C. JOE

I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.

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