History In Brief
Bimeh Iran (Iran Insurance) was established on the 6th November 1935 -( 1314 Hj.sh.) A corporation decreed by statute, it is a State owned company, competent to provide insurance and reinsurance facilities and contributes effectively to the development of the national insurance industry. Our experience of over 63 years has helped us to develop intensive insurance activities and gain technical reinsurance knowledge and expertise. We are now able to provide a full range of underwriting and claims services for all types of insurance and reinsurance business. Today Bimeh Iran (Iran Insurance Co.) is a leading insurance company in Iran and well -known in the world insurance markets where it operates successfully. For the time being Iran Insurance Co. has 246 branches and 1,272 agencies spreading throughout the country’s provinces and cities. Moreover Bimeh Iran U.K along with our 12 foreign branches and in the Persian Gulf region i.e. U.A.E, Oman, Bahrain and Saudi Arabia, are all active in the international market. Regarding reinsurance activities, apart from our very long standing Outward Reinsurance, we are trying to establish a small but selective Inward portfolio and expand our business relationship with the international market.
In this regard you would kindly note that :
Total premium written in the year 1377 has amounted to Rials I, 150 billion which shows a 24.84 pct increase in comparison with the previous year ( 1376), and the Company wrth 57 pct share in the Iranian insurance market, could prove again its role as the leading and largest insurance company in Islamic Republic of Iran.
Out of the above premium amount, Motor insurance wrth 48 pct (37 pct TPL & II pct Physical Damage), Fire insurance wrth 14,5 pct and Accident and Life insurance wrth I 0, 7 pct and 9 pct respectively have major shares in our portfolio.
Out of Rials I, 150 billion written premium, Rials 334 billion is related to governmental sector and Rials 816 billion to private sector; which in comparison with same figures of previous year 1376 would show I pct and 38 pct increase respectively. 71 pct of our total premium comes through private sector. Claims paid in the year 1377 with amount of Rials 793 billion would show 30.7 pct increase in comparison with same in the year 1376 and our share of the market’s total claims paid is 63 pct.
Out of the above claims paid figures, the highest relate to Motor policies with Rials 444 billion for1: P;L and Rials 62 billion for Physical Damage.
Following Motor claims, other insurance branches in descending order would be Accident, Life, Heatth, Aviation and Fire. The least claims paid relate to Marine Hull with Rials 3 billion. The Company’s loss ratio in the year 1377 is 69 pct which shows 3 pct increase in comparison with the year 1376 which was 66 pct. During the recent years, loss ratio of the Company has grown due to Motor T.P.L. claims.
Total number of policies issued in 1377 are about 4,015,187 whilst total number of daims reached to 542,172 which only shows 10% increase in comparison with 1376. Out of 6,255,192 policies issued in the market, 64 pct of which were written by Bimeh Iran. Almost 45 pct of the policies relate to the Motor Branch. When we compare the number of policies with the number of population, it is clearly observable that there is a great potential for further growth and development in all branches of Insurance.
The Company’s net profit after taxation reached to Rials 4 billion. Our total assets in balance sheet is reported as Rials 977 billion, which compared to the previous year; shows a 17 pct increase which is based on book value whilst the present value of the assets, are currently worth much higher than the mentioned amount Iran Insurance Co., having aim for expanding and developing its servicing network. in the subject year; established 68 new branches and 148 agencies throughout the country’s provinces and cities.
This brought the total of the Company’s branches and agencies to 246 and 1,272 respectively, at the end of the year 1377, showing 38 pct and 13 pct increase accordingly.
FAR law firm