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The non-life insurance market in Iran (Islamic Republic of Iran) share is expected to increase by USD 2.09 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.02%.
This non-life insurance market in Iran (Islamic Republic of Iran) research report extensively covers the non-life insurance market in Iran (Islamic Republic of Iran) segmentation by product (health insurance, motor insurance, fire insurance, marine insurance, and others) and distribution channel (direct, brokers, banks, and others). The non-life insurance market in Iran (Islamic Republic of Iran) report also offers information on several market vendors, including Arab Insurance Group, Arman Insurance Co., Asia Insurance Co., Bimeh Iran Insurance Co., Mellat Insurance Co., Omid Insurance Co., Parsian Insurance Co., Pasargad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co. among others.
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The increasing demand for insurance policies is notably driving the non-life insurance market in Iran (Islamic Republic of Iran) growth, although factors such as data privacy and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the non-life insurance industry in Iran (Islamic Republic of Iran). The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Non Life Insurance Market Driver In Iran (Islamic Republic of Iran)
One of the key factors driving the non-life insurance market growth in Iran (Islamic Republic of Iran) is the increasing demand for insurance policies. A shift in customer demographics has encouraged insurance brokerage firms to strategize actuarial models and effective sales strategies to adopt efficient pricing policies. The expanding population of baby boomers and millennials generates growth opportunities for medical insurance, accidental insurance, and others. The provision of security services and personalized financial services to customers has increased the demand for insurance products. The rise in awareness about the benefits of insurance policies will increase the demand for such policies during the forecast period, which is expected to boost the growth of the non-life insurance market in Iran.
Key Non Life Insurance Market Trend In Iran (Islamic Republic of Iran)
Emergence of digital marketing platforms due to the increase in internet and smartphone penetration is another key factor driving the non-life insurance market in Iran (Islamic Republic of Iran). According to the World Bank Group, in 2020, more than 56% of the global population had access to the Internet. This percentage is expected to increase during the forecast period. Thus, the benefits of digital marketing platforms such as a highly competitive advantage, easy interaction with customers, and quick customer response will help in increasing the revenue of key market players, which will drive the market growth during the same period.
Key Non Life Insurance Market Challenge In Iran (Islamic Republic of Iran)
One of the key challenges impeding the non-life insurance market growth in Iran (Islamic Republic of Iran) is data privacy and security concerns. IT infrastructure is based on several patchworks of open-source codes, which can bring flaws to systems. Big Data and AI have the capability to track, retrieve, and analyze data from the connected servers. Organizations can also manipulate their functioning by altering their algorithms using AI capabilities. Moreover, hackers can easily gain access to cloud-based data storage systems because they are based on open architecture and shared resources. Therefore, organizations are skeptical about deploying insurance technology for their operations, which is expected to limit the growth of the market during the forecast period.
This non-life insurance market in Iran (Islamic Republic of Iran) analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the non-life insurance market in Iran as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the non-life insurance market in Iran (Islamic Republic of Iran) during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the non-life insurance market in Iran (Islamic Republic of Iran) encompasses successful business strategies deployed by the key vendors. The non-life insurance market in Iran (Islamic Republic of Iran) is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Arman Insurance Co. - The company offers a wide range of non-life insurances such as engineering insurance, car insurance, fire insurance among others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The non-life insurance market in Iran (Islamic Republic of Iran) forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the non-life insurance market in Iran (Islamic Republic of Iran), which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global specialized consumer services market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
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The non-life insurance market share growth in Iran (Islamic Republic of Iran) by the health insurance segment will be significant during the forecast period. Considering the prohibitions imposed on technology transfer, Iran's healthcare industry is rather advanced. Iran has a highly youthful population, which means that the population is likely to grow rapidly in the next few years, opening up the possibility for major investments in the area. The significant increase in the investment in the healthcare industry of Iran (Islamic Republic of Iran) and the rapidly rising population will drive the growth in this segment. For instance, in 2018, healthcare spending in Iran was 8.6% of the GDP, which increased from 5.99% of the GDP in 2013.
This report provides an accurate prediction of the contribution of all the segments to the growth of the non-life insurance market in Iran (Islamic Republic of Iran) size and actionable market insights on post COVID-19 impact on each segment.
Non Life Insurance Market Scope in Iran (Islamic Republic of Iran) |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.02% |
Market growth 2022-2026 |
$ 2.09 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.33 |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Arab Insurance Group, Arman Insurance Co., Asia Insurance Co., Bimeh Iran Insurance Co., Mellat Insurance Co., Omid Insurance Co., Parsian Insurance Co., Pasargad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 5
*Exhibit 04: Key Finding 6
*Exhibit 05: Key Finding 7
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 06: Parent market
*Exhibit 07: Market characteristics
**2.2 Value chain analysis
*Exhibit 08: Value chain analysis: Leisure products
*2.2.1 Inputs
*2.2.2 Pitching and profiling
*2.2.3 Resourcing and communicating
*2.2.4 Delivery and support
*2.2.5 Connecting and innovating
*2.2.6 Marketing and sales
***3. Market Sizing
**3.1 Market definition
*Exhibit 09: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 10: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2020 - 2025
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 11: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 12: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 13: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 14: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 15: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 16: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 17: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 18: Threat of rivalry
**4.7 Market condition
*Exhibit 19: Market condition - Five forces 2021
***5 Market Segmentation by Product
**5.1 Market segments
*Exhibit 20: Product - Market share 2021-2026 (%)
**5.2 Comparison by Product
*Exhibit 21: Comparison by Product
**5.3 Health insurance - Market size and forecast 2021-2026
*Exhibit 22: Health insurance - Market size and forecast 2021-2026 ($ million)
*Exhibit 23: Health insurance - Year-over-year growth 2021-2026 (%)
**5.4 Motor insurance - Market size and forecast 2021-2026
*Exhibit 24: Motor insurance - Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Motor insurance - Year-over-year growth 2021-2026 (%)
**5.5 Fire insurance - Market size and forecast 2021-2026
*Exhibit 26: Fire insurance - Market size and forecast 2021-2026 ($ million)
*Exhibit 27: Fire insurance - Year-over-year growth 2021-2026 (%)
**5.6 Marine insurance - Market size and forecast 2021-2026
*Exhibit 28: Marine insurance - Market size and forecast 2021-2026 ($ million)
*Exhibit 29: Marine insurance - Year-over-year growth 2021-2026 (%)
**5.7 Others - Market size and forecast 2021-2026
*Exhibit 30: Others - Market size and forecast 2021-2026 ($ million)
*Exhibit 31: Others - Year-over-year growth 2021-2026 (%)
**5.8 Market opportunity by Product
*Exhibit 32: Market opportunity by Product
***6. Market Segmentation by Distribution channel
**6.1 Market segments
*Exhibit 33: Distribution channel - Market share 2021-2026 (%)
**6.2 Comparison by Distribution channel
*Exhibit 34: Comparison by Distribution channel
**6.3 Direct - Market size and forecast 2021-2026
*Exhibit 35: Direct - Market size and forecast 2021-2026 ($ million)
*Exhibit 36: Direct - Year-over-year growth 2021-2026 (%)
**6.4 Brokers - Market size and forecast 2021-2026
*Exhibit 37: Brokers - Market size and forecast 2021-2026 ($ million)
*Exhibit 38: Brokers - Year-over-year growth 2021-2026 (%)
**6.5 Banks - Market size and forecast 2021-2026
*Exhibit 39: Banks - Market size and forecast 2021-2026 ($ million)
*Exhibit 40: Banks - Year-over-year growth 2021-2026 (%)
**6.6 Others - Market size and forecast 2021-2026
*Exhibit 41: Others - Market size and forecast 2021-2026 ($ million)
*Exhibit 42: Others - Year-over-year growth 2021-2026 (%)
**6.7 Market opportunity by Distribution channel
*Exhibit 43: Market opportunity by Distribution channel
***7. Customer landscape
**7.1 Overview
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 44: ?Customer landscape?
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing demand for insurance policies
*8.1.2 Increasing government regulations on mandatory insurance coverages
*8.1.3 Insurance as a tool for overcoming poverty
**8.2 Market challenges
*8.2.1 Seasonal demand and short life of merchandise and collectibles
*8.2.2 High cost of selling and administering insurance
*8.2.3 Lack of awareness about insurance
*Exhibit 45: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Emergence of digital marketing platforms
*8.3.2 Rapid growth of cyber insurance market
*8.3.3 Integration of IT and analytic solutions
***9. Vendor Landscape
**9.1 Overview
*Exhibit 46: Vendor landscape
*The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
**9.2 Landscape disruption
*Exhibit 47: ?Landscape disruption?
*Exhibit 48: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 49: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 50: ?Market positioning of vendors?
**10.3 Arab Insurance Group
*Exhibit 51: Arab Insurance Group - Overview
*Exhibit 52: Arab Insurance Group - Business segments
*Exhibit 53: Arab Insurance Group - Key offerings
*Exhibit 54: Arab Insurance Group - Segment focus
**10.4 Arman Insurance Co.
*Exhibit 55: Arman Insurance Co. - Overview
*Exhibit 56: Arman Insurance Co. - Product and service
*Exhibit 57: Arman Insurance Co. - Key offerings
**10.5 Asia Insurance Co.
*Exhibit 58: Asia Insurance Co. - Overview
*Exhibit 59: Asia Insurance Co. - Product and service
*Exhibit 60: Asia Insurance Co. - Key offerings
**10.6 Bimeh Iran Insurance Co.
*Exhibit 61: Bimeh Iran Insurance Co. - Overview
*Exhibit 62: Bimeh Iran Insurance Co. - Product and service
*Exhibit 63: Bimeh Iran Insurance Co. - Key offerings
**10.7 Mellat Insurance Co.
*Exhibit 64: Mellat Insurance Co. - Overview
*Exhibit 65: Mellat Insurance Co. - Product and service
*Exhibit 66: Mellat Insurance Co. - Key offerings
**10.8 Omid Insurance Co.
*Exhibit 67: Omid Insurance Co. - Overview
*Exhibit 68: Omid Insurance Co. - Product and service
*Exhibit 69: Omid Insurance Co. - Key offerings
**10.9 Parsian Insurance Co.
*Exhibit 70: Parsian Insurance Co. - Overview
*Exhibit 71: Parsian Insurance Co. - Product and service
*Exhibit 72: Parsian Insurance Co. - Key offerings
**10.10 Pasargad Insurance Co.
*Exhibit 73: Pasargad Insurance Co. - Overview
*Exhibit 74: Pasargad Insurance Co. - Product and service
*Exhibit 75: Pasargad Insurance Co. - Key offerings
**10.11 Taavon Insurance Co.
*Exhibit 76: Taavon Insurance Co. - Overview
*Exhibit 77: Taavon Insurance Co. - Product and service
*Exhibit 78: Taavon Insurance Co. - Key offerings
**10.12 Tejarat Insurance Co.
*Exhibit 79: Tejarat Insurance Co. - Overview
*Exhibit 80: Tejarat Insurance Co. - Product and service
*Exhibit 81: Tejarat Insurance Co. - Key offerings
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 82: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 83: ?Research Methodology
*Exhibit 84: ??Validation techniques employed for market sizing?
*Exhibit 85: ??Information sources
**11.4 List of abbreviations
*Exhibit 86: List of abbreviations
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