Latest News:- Non Life Insurance Market in Iran: Direct is expected to lead the Distribution Channel segment during 2024-2028

Non Life Insurance Market in Iran to grow at a CAGR of 2.4% during 2024-2028

The Non Life Insurance Market in Iran is expected to grow at a CAGR of 2.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1614.4 million. In the non-life insurance sector of Iran, digital marketing platforms, particularly social media, play a pivotal role in enhancing branding and communication with target consumers. The expanding global Internet penetration, currently at over 56% according to The World Bank Group, and the proliferation of smart devices have driven insurance firms to adopt social media. These platforms broaden market reach and disseminate information about a firm's diverse product offerings, thereby contributing to increased revenue for key market players. 

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The Direct subsegment is expected to dominate the Distribution Channel segment during the forecast period 

Technavio analysts predict that the Direct subsegment will lead the Distribution Channel segment during 2024 and 2028 In the non-life insurance sector of Iran, traditional distribution channels have evolved with the surge in digital adoption and increasing mobile phone usage. Previously, insurance firms relied on intermediaries, such as agents and brokers, to sell their products through commission. These intermediaries played a pivotal role in educating the public about insurance and its importance. However, with the Internet penetration rate increasing from 45.33% in 2015 to 84.1% in 2020 (The World Bank Group), insurance companies have shifted their marketing strategies. They now leverage their websites, social media platforms, and digital marketplaces to reach potential customers directly.

Here are the various ways based on which the market is segmented: 

• Distribution Channel
  • Direct
  • Brokers
  • Banks
  • Others
• Product
  • Health insurance
  • Motor insurance
  • Fire insurance
  • Marine insurance
  • Others
• Geography
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish increasing demand for insurance policies

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Non-Life Insurance Market in Iran is undergoing digital transformation, leveraging technology to enhance customer experience and streamline operations. This shift includes the development of digital platforms for purchasing insurance policies online, automating underwriting processes, and implementing cybersecurity measures to protect against fraud. Consumer protection is a top priority, with a focus on financial literacy and transparency in policy coverage. Travel insurance is a growing segment, offering financial security against medical emergencies and other unforeseen circumstances. However, insurance fraud remains a challenge, with efforts underway to improve detection and prevention. Premium growth and insurance penetration are key indicators of market health. Iran's population has a high life expectancy, making Life Insurance, including Term and Permanent policies, an important consideration for financial planning. General Insurance, including Casualty, Property, and Medical insurance, also plays a crucial role in protecting against financial loss. Policy length and legal responsibilities vary depending on the type of insurance. It is essential to understand the terms and conditions of each policy to ensure adequate coverage and peace of mind. Overall, the Non-Life Insurance Market in Iran continues to evolve, offering customer-centric products and services to meet the diverse needs of its population.

Market Research Overview

The Non-Life Insurance market in Iran represents a segment of the broader global Specialized Consumer Services industry. This sector encompasses the revenue generated by providers of various consumer services, such as residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. According to Technavio's market analysis, the size of the global Specialized Consumer Services market is determined by the earnings of these specialized service providers. Notably, this assessment excludes consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.

The Non Life Insurance Market in Iran is experiencing significant growth, fueled by the increasing demand for insurance policies. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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