On the occasion of Insurance Day in Iran, Insurance Research Center (IRC) conducts 26th annual Conference of Insurance and Development (26th NCOID) with the major theme of exploring Insurance Penetration Rate with the assistance and sponsorship of Central Insurance of I.R. Iran (Insurance Regulatory and Supervisory Authority) on December 4th, 2019 at Tehran, Iran.
As its central focus “Insurance Penetration Rate”, the 26th NCOID is to draw attention to the numerous challenges and hurdles in growing penetration rate in Iran. The insurance industry gathers in this two-day event to find solutions for such challenges from various perspectives.
Many scholars and senior managements in the industry have expressed their concern over low penetration ratio experienced in Iran in very recent years. Currently, Iran’s insurance penetration ratio is 35th in the world. Insurance penetration rate, which is measured as the ratio of premiums underwritten in a particular year to the GDP, in Iran stands at 2.3% which is 0.2% higher than in Central Asia and the Middle East insurance market. However, the penetration rate in the world average is 6.13% and in emergent markets is 3.3% which is 1% above that of Iran.
This is while the life insurance penetration rate in Iran is 0.3% which is comparatively lower than the 3.3% reported for average life insurance penetration in the world. The penetration rate for life insurance in Central Asia and the Middle East is 0.5%, and the figure for emerging markets is 1.9%.
Thus, this year’s Conference of Insurance and Development is intended to pay careful attention to the concerns over the penetration rate challenges in Iran.
IRC as part of its mission to promote academic research and applied studies is to provide a meaningful environment for the conference whereby various scientific ideas and research findings along with market experiences and expertise are shared and exchanged with participants from various fields and business lines. Thus, supervisors, managers, insurers, reinsurers, professors, and students from across the industry and academia and the interested are invited to participate in this two-day annual event in order to collectively deal with many shared issues in the current ever-changing financial market.
Since its advent, NCOID has proved to go beyond a gathering and simple talks and in many occasions have made policymakers to think twice about an issue and this has even led to law amendments and perspective change in later times.
Hereby, we cordially invite you all to participate in this annual nation-wide event and share your valuable ideas with the Iranian community.