{"id":76795,"date":"2025-05-06T11:23:31","date_gmt":"2025-05-06T15:23:31","guid":{"rendered":"https:\/\/world.edu\/?p=76795"},"modified":"2025-05-10T12:19:09","modified_gmt":"2025-05-10T16:19:09","slug":"an-overview-of-the-insurance-industry-in-iran","status":"publish","type":"post","link":"https:\/\/world.edu\/an-overview-of-the-insurance-industry-in-iran\/","title":{"rendered":"An overview of the insurance industry in Iran"},"content":{"rendered":"

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In today’s world, where the economic growth and development of each country determines its international standing, countries are seeking to improve their development indicators in order to play a role in the international affairs. The insurance industry is one of the most important economic institutions in societies, even supporting the activities of other institutions. Therefore, insurance industry and its influence in society are recognized as one of the indicators of development in the world.<\/span><\/p>\n

In other words, the insurance industry plays a role in economic development by collecting premiums, creating security and confidence for service and production activities in society, it facilitates the process of construction, progress, and advancement.<\/span><\/p>\n

It can be said with certainty that if a country’s economy does not rely on insurance and the protection it provides, it will be exposed to great and irreparable risks. The concept of insurance has had a long history in Iran and its starting point can trace back to different times, but when did insurance, as we understand it today, begin in Iran?<\/span><\/p>\n

History of Insurance Industry in Iran<\/b><\/p>\n

Insurance activity in Iran began in 1890 after negotiations between the Iranian government and the Russian embassy, \u200b\u200bwhich resulted in the granting of an exclusive privilege in the field of insurance and transportation to a Russian citizen, Lazar Solomonovich Poliakov, for 75 years. Lazar had a three-year deadline to start operating, and due to his failure to establish the desired insurance company, his license was revoked.\u00a0<\/span><\/p>\n

In 1910, after Lazer, two other Russian companies named “Nadezhda” and “Caucasus Mercury” attempted to establish an insurance agency in Iran. After these two agencies, many other foreign companies, including Ingosstrakh, British Alliance, Eagle Star, British Yorkshire, Royal, Victoria, National Swiss, Phoenix, Al-Ittihad Al-Watani, etc. started to work in Iran.<\/span><\/p>\n

Bimeh Iran, the first Iranian insurance company<\/b><\/p>\n

Iran began professional activity in the field of insurance in 1931, especially after laws and regulations for company registration in Iran were passed. Also, the expansion of foreign insurance companies’ activities and the idea proposed by two Iranian named \u201cDr. Alexander Aghayan\u201d and \u201cAli Akbar Davar\u201d made the country’s officials aware of the necessity of establishing an Iranian insurance company. As a result, on September 16, 1935, the first Iranian Insurance Joint Stock Company named \u201cBimeh Iran\u201d was established with a capital of 20 million rials. The official activities of \u201cBimeh Iran\u201d began in mid-November of that year.<\/span><\/p>\n

After the establishment of the Bimeh Iran, this company faced numerous challenges in competition with foreign companies. In 1937, to formalize the activities of Bimeh Iran, the insurance law was approved by the National Assembly and according to this law, insurance of government organizations was transferred to Bimeh Iran.<\/span><\/p>\n

In 1952, in order to support domestic insurance companies, the Mossadegh government passed laws that greatly restricted the activities of foreign companies and led to the closure of them.<\/span><\/p>\n

History of private insurance companies in Iran<\/b><\/p>\n

In 1950, the first private insurance company in Iran, “Bimeh Sharq” was established. Between 1950 and 1964, eight other private companies were licensed to operate in the insurance industry.<\/span><\/p>\n

The increase in the number and activity of domestic insurance companies paved the way for the establishment of \u201cthe Higher Institute\u00a0of Insurance\u201d or in Persian \u201cMadreseye Aliye Bimeh\u201d in 1960, where students were trained and could get a diploma after finishing the four-year program. All of these efforts ultimately led to the approval of the law on the establishment of Iran’s central insurance or \u201cBimeh Markazi\u201d in 1971.<\/span><\/p>\n

There are now many insurance companies in Iran and each of these has branches and agencies that operate in different ways depending on the volume of the company’s activities. To sum up, insurance companies in Iran are divided into three groups:<\/span><\/p>\n

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  1. Governmental insurance:<\/b> including Iran, Asia, Alborz, Dena, etc.<\/span><\/li>\n
  2. Private insurance:<\/b> including Moallem, Parsian, Karafarin, Sina, Saman, Razi, Tose’e, Dey, Novin, Mellat, Pasargad, Mihan, etc.<\/span><\/li>\n
  3. Free trade-industrial zone insurance:<\/b> including Amin, Hafez, Omid, Iran Omid, etc.<\/span><\/li>\n<\/ol>\n

    Different Types of Insurance in Iran<\/b><\/p>\n

    There are many different types of insurance in Iran, each with its own conditions and coverage. Let\u2019s take a look at the most common ones.<\/span><\/p>\n