Currently one state owned and 24 private direct┬ب insurance companies as well as two reinsurance companies are providing insurance and reinsurance services in the Iranian market. The Act for Establishment of Non-Governmental Insurance Institutions that was approved in 2001 paved the way for presence of private insurance companies in the industry.
The Iranian Insurance Industry is regulated and supervised by Bimeh Markazi Iran (Central Insurance of Iran) which is an independent institution established in the form of State Owned Company. Bimeh Markazi Iran is also empowered to carry out compulsory and non-compulsory reinsurance business. According to the Law the gradual reduction of Compulsory Reinsurance is in process. Presently all direct insurance companies are obliged to cede 15 percent of their non-life business and 30 percent of their life business to Bimeh Markazi Iran.
In the year 2013 the total direct insurance premiums written in the market amounted to IRR 162,078 billion, of which 91 percent is produced in nonظôlife insurance business and only 9 percent is written in the life insurance.
Insurance Penetration Ratio in Iran is about 1.73 which is well below the world average mainly because of low penetration of life insurance.
The volume of non-compulsory reinsurance of the market in the year 2013 is reported to be IRR 5,834 billion which is mainly ceded to local market. This sector of the market will show a considerable growth when the plan to reduce and lift the compulsory reinsurance is fully executed. Insurance companies render their services through 1012 branches and a network of agents and brokers. At the end of the year 2013, there were about 37,000 Insurance Agents and 501 Insurance Brokers active in the industry. The agents may only represent one insurance company while brokers can take their business to different insurance companies.
Pasargad Insurance Company known as “Bimeh Pasargad” in Iranian market established as a Public Joint Stock by Pasargad Financial Group in 2006 and duly registered under No. 290070 according to Iranian Law. The company started direct insurance business transactions in Life and Non-Life classes by the permission of Central Insurance of Iran, as the regulatory insurance body, in the same year of 2006. In 2007 Pasargad Insurance Company could fulfill the requirement of Central Insurance of Iran for accepting reinsurance business from Iranian market.
Pasargad Insurance Company is present all over the country with 85 branches, 2800 general agents and 29000 marketers only selling life insurance. We have focused on developing our life salesmen and saleswomen all around the country and now we have the largest sales network in life insurance and have achieved the first position among the 33 insurance companies.
Insurance is a promise for the future and Pasargad Insurance Company endeavoring to be a sustainable future based insurer to the best satisfaction of all stakeholders.