Iran Personal Accident & Health Insurance Reached US$1.4 billion Last Year, Claims Timetric
14 Sep 2012 • by Natalie Aster
The Iranian personal accident and health insurance segment accounted for the second largest market share of the overall insurance industry in 2011 at 23.3%. The rising healthcare expenditure, inadequate public healthcare facilities for specialty and super-specialty treatment and high rate of road accidents influenced the personal accident and health insurance segment during the review period. Consequently, the segment increased from IRR3.76 trillion (US$0.4 billion) in 2007 to IRR14.69 trillion (US$1.4 billion) in 2011 at a CAGR of 40.5%. The Iranian health insurance accounted for the largest share of the overall personal accident and health insurance segment with a market share of 71.8% in 2011. The Iranian healthcare system comprises mainly of public and private healthcare services and the High Council of Medical Services Insurance decides the tariff schedule for these services. It does not, however, have any control over the private healthcare tariffs provided by private healthcare providers. Industrial growth in the country, rising GDP, healthcare expenditure as out-of-pocket expenses and the growth of the middle-class population is expected to drive the personal accident and health insurance segment over the forecast period.
The new report "Personal Accident and Health Insurance in Iran, Key Trends and Opportunities to 2016" by Timetric states that the Iranian personal accident and health insurance segment increased at a CAGR of 40.5% during the review period to reach IRR14.69 trillion (US$1.4 billion) in 2011. Moreover, it is the second largest segment in the Iranian insurance industry, accounting for a market share of 23.3% in 2011. A minimal market penetration rate opens up opportunities for insurance companies and signals positive growth potential for the segment as a whole. In terms of penetration rate as a percentage of GDP, the segment increased from 0.1% in 2007 to 0.3% in 2011 and is forecasted to reach 0.5% in 2016. Such growth is expected to drive the segment in the presence of government initiatives by encouraging private healthcare providers to invest in the country’s healthcare sector.
Personal Accident and Health Insurance in Iran, Key Trends and Opportunities to 2016
Published: August, 2012
Price: US$ 1.950,00
The Iranian public healthcare system is used by the population for primary health services which are delivered by public sector hospitals and are almost free of cost. Specialty and super-specialty services are, however, distributed by private hospitals. There are more than 125 well-equipped, urban-centered, specialty and super-specialty hospitals operating in the country and, apart from the primary health services, Iranians are dependent on private healthcare providers for upper-level services such as specialty and super-specialty curative services. In the presence of the rising GDP, growing healthcare costs and the increasing middle class population, the risk awareness among consumers is expected to drive the personal accident and health insurance segment over the forecast period.
The Iranian household healthcare expenditure, realized as out-of-pocket expenditure, increased during 2000–2009. Despite the increase in government spending on health, the out-of-pocket expenditure remained more than 55%. The Iranian per capita healthcare expenditure is expected to grow from IRR2.74 million (US$304.8) in 2007 to IRR3.98 million (US$380.1) in 2011, and is expected to reach IRR5.12 million (US$488.4) in 2016.
More information can be found in the report “Personal Accident and Health Insurance in Iran, Key Trends and Opportunities to 2016” by Timetric.
To order the report or ask for sample pages contact [email protected]