[1] One of the defining characteristics of the economy is entrenched high inflation (and expectations) thanks to persistent monetisation of fiscal deficits.
According to Business Monitor International, unless and until economic policies in Iran change radically, the reality of the insurance sector will fall a long way short of its potential.
[1][5] Since 2012, Iran is insuring its own fleet of oil tankers because of international sanctions.
[6] Insurance industry’s payout ratio stood at 63.8% during the fiscal year ended in March 2016.
[8] As of 2014 total (non-life) market premium was 1.27% of GDP with only $69 per capita spent on insurance.
Many large reinsurance companies are also considering returning to Iran (including Lloyd's, Allianz, Zurich Insurance, Hannover Re and RSA).