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The Iran non life insurance market size is forecast to increase by USD 1.61 billion at a CAGR of 2.4% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for insurance policies, particularly in emerging economies. This trend is driven by rising disposable income, growing awareness of risk management, and a greater focus on financial security. Another key trend is the emergence of smartphone and digital marketing platforms, which are transforming the way insurers reach and engage with customers. However, the market also faces challenges related to data privacy and security concerns and data storage systems in insurance technology. As insurers adopt digital technologies to streamline operations and enhance customer experience, they must ensure data protection measures to mitigate potential risks and maintain customer trust. Overall, the non-life insurance market is poised for growth, but insurers must navigate these trends and challenges to remain competitive and successful.
Non-life insurance, also known as general insurance, plays a crucial role in financial planning for individuals and businesses by providing coverage against various types of financial losses. Unlike life insurance, which focuses on providing coverage for the death of an insured individual, non-life accidental insurance covers losses related to property damage, medical emergencies, and liability for legal responsibilities. The non-life insurance market is driven by factors such as increasing life expectancy, customer-centric products, and the need for financial security during unforeseen circumstances. However, the market faces challenges such as cybersecurity threats, insurance fraud, and the need for digital transformation to meet evolving customer needs. Underwriting processes are essential in the non-life insurance industry, ensuring that risks are accurately assessed, and premiums are set accordingly. The market offers various types of policies, including property insurance, casualty insurance, medical insurance, travel insurance, and legal liability insurance. Policy length and coverage vary depending on the type of policy. Permanent policies provide lifelong coverage, while term life policies offer coverage for a specific period. Consumer protection regulations ensure that insurance policies are transparent and offer adequate coverage for financial loss. The non-life insurance market is expected to grow in terms of premiums due to increasing financial literacy and insurance penetration. However, the market faces challenges such as cybersecurity threats and insurance fraud, which can negatively impact the industry's growth. Overall, non-life insurance plays a vital role in providing financial security against various risks and uncertainties.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The direct segment is estimated to witness significant growth during the forecast period. Non-life insurance, also known as general insurance, encompasses various customer-centric products beyond life insurance, including health, travel, property, motor, casualty, and parametric insurance. With increasing life expectancy and the aging population, retirement products and longevity risk mitigation have gained significance.
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The direct segment was the largest segment and valued at USD 4.8 billion in 2018. Digital transformation and consumer protection are crucial in the non-life insurance sector, driven by cybersecurity threats, data analytics, artificial intelligence, blockchain technologies, and machine learning. Insurance firms employ underwriting processes to assess risk and determine policy length, coverage, and financial loss potential. Hence, such factors are fuelling the growth of this segment during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for insurance policies is notably driving market growth. In the non-life insurance market of Iran, the application of insurance technology plays a significant role in addressing the needs of a growing and diverse customer base. With an increasing population of baby boomers and millennials, there is a rising demand for various types of insurance coverage, including medical, accidental, and liability.
Insurance companies and brokerage firms are focusing on providing comprehensive policies that offer maximum benefits to customers, such as damage coverage for vehicles and homes, as well as protection against theft and burglary. To foster financial security and literacy, educational campaigns and personalized services are essential. Insurance fraud is a concern, and trust-based relationships between customers and agencies are vital for customer satisfaction. Thus, such factors are driving the growth of the market during the forecast period.
Emergence of digital marketing platforms is the key trend in the market. The market is witnessing significant growth due to the integration of insurance technology and digital marketing platforms. With the increasing penetration of the Internet and the use of smart gadgets, consumers are becoming more tech-savvy and expect personalized services. This trend is particularly noticeable in the areas of damage coverage for theft and burglary.
Digital marketing platforms, such as social media, play a crucial role in increasing financial literacy and customer satisfaction by propagating educational campaigns and building trust-based relationships. Moreover, these platforms enable insurers to reach a larger audience and offer customized policies. However, it is essential to address the challenge of insurance fraud to ensure financial security and maintain customer trust. Thus, such trends will shape the growth of the market during the forecast period.
Data privacy and security concerns in insurance technology is the major challenge that affects the growth of the market. In the Non-Life Insurance Market, the integration of Insurance Technology (InsureTech) is revolutionizing the industry by offering enhanced Damage Coverage for various risks such as Theft and Burglary. Co-passengers and other stakeholders can now enjoy Financial Security through personalized services, fostering Trust-Based Relationships between insurers and customers.
Growth is expected due to increased Insurance Penetration and Financial Literacy, as Educational Campaigns promote awareness and transparency. However, challenges persist, including the threat of Insurance Fraud and the need for Agency networks. To ensure Customer Satisfaction, insurers must prioritize Data Privacy and Security, mitigating risks associated with Big Data and AI usage, as well as securing their IT infrastructure from potential vulnerabilities. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arab Insurance Group: The company offers non life insurance such as property insurance, engineering insurance, marine insurance, accident insurance and others.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Non-life insurance, also known as general insurance, encompasses a range of insurance products that provide coverage for financial loss due to various risks. These risks include, but are not limited to, health, travel, property, casualty, motor, and cyber risks. With an aging population and increasing life expectancy, retirement products and longevity risk have become significant areas of focus. Customer-centric products and services, such as digital platforms and mobile apps, are transforming the industry, enabling easier access to insurance and facilitating faster claims processing. Underwriting processes are being streamlined through data analytics, artificial intelligence, and machine learning, enhancing risk assessment and mitigation. However, non-life insurance faces challenges such as cybersecurity threats, natural disasters, and parametric insurance payouts. Consumer protection regulations and legal responsibilities are also crucial considerations. Digital transformation in the non-life insurance sector includes the integration of blockchain technologies, cyber insurance, and financial inclusion initiatives. These advancements aim to improve efficiency, reduce fraud, and expand access to insurance for underbanked populations. The integration of digital banking and online platforms further enhances the customer experience and streamlines policy management. Coverage for medical emergencies, motor accidents, and property damage are common non-life insurance products. Policy length, permanent policies, and term life policies offer various options to cater to individual financial planning needs. Ultimately, non-life insurance plays a vital role in managing financial loss and mitigating risks in an increasingly complex and interconnected world.
Market Scope |
|
Report Coverage |
Details |
Page number |
119 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.4% |
Market growth 2024-2028 |
USD 1.61 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
2.3 |
Regional analysis |
Iran |
Performing market contribution |
Middle East and Africa at 100% |
Key countries |
Iran and MEA |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arab Insurance Group, Arman Insurance, Asia Insurance Co., Bimeh Iran Insurance Co., Hekmat Saba Insurance, Mellat Insurance Co., Omid Insurance Co., Parsian Insurance, Pasargad Insurance Co., Razi Insurance Co., Saman Insurance, Sarmad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co. |
Market dynamics |
Parent market analysis, market report , market forecast , 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 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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