All the details about Iran Insurance Companies

The lexical origin of “Insurance” or “Bimeh” in Persian

Insurance is a contract between two parties, the insurer and the insured, according to which the former compensates the loss experienced by the latter in line with the terms of the agreement. The Persian equivalent of the word insurance is Bimeh. If you are already familiar with Persian, you may know that the word Bim means “fear”.
Now, there are two etymological explanations for the word Bimeh. Some people believe it comes from the word Bimah in Sanskrit, which means “fear”. There are others who believe the word has its roots in the Farsi rendition of a Russian word which means “an antidote to fear”, or “a shield against fear.” The reason behind the second explanation is that Russians were the first to do insurance business in Iran. We will thoroughly review all about Iran insurance companies and many other issues in the present article that may be useful for you if you travel to Iran or want to book an Iran tour package.

History of “Insurance” and “Insurance companies” in Iran

There were similar mechanisms to insurance in the reign of Kayqubad I. He reigned from 1220 to 1237 A.C. However, the roots go back even further and to the Achaemenid period. At that time, if a civilian sent gifts to the king, the kingdom would, in return, help the person at the time of the loss. The insurance business in Iran began in 1910. During that year, two Russian institutes, Nadezhda and the Caucasus Mercury, officially set the insurance industry up in Iran. After the establishment of these two institutes, many others started to work in Iran. In late 1935, about thirteen other foreign companies were working in the country’s insurance market, including the British Alliance and the British Yorkshire Company.

 

Foreign insurance companies in Iran

Earlier in 1891, when Nasser al-Din Shah, the Qajar king, ruled the country, the privilege of an institution called the Department of Transportation and the Insurance Organization throughout Iran was handed over to a Russian resident named Lazar Solomonovich Poliakov. Later, other foreign companies were established in Iran. Due to the lack of an Iranian insurance company, merchants, traders, and institutions had to go to these companies for the insurance services they needed.

 

The first Iranian insurance company

The idea of establishing an Iranian insurance company was proposed by an Iranian named Dr. Alexander Aghayan (who had a history of working in Nadezhda) to Ali Akbar Davar, the then Minister of Finance, in 1931. Four years later, in 1935, the first Iranian insurance company, Bimeh Iran, was established with a capital of two million Tomans.

The establishment of Bimeh Iran, the first Iranian insurance company, overshadowed the activities of the foreign companies. The insurance law was passed in Iran in 1937. In 1952, laws were passed that led to the closure of foreign insurance companies. Two years before that, private insurance companies started to work in Iran, and in 1964, eight private companies were active in the business. In 1971, in order to support domestic insurance companies, the Central Insurance Law was passed and Central Insurance was established.

Central insurance organization

The Central Insurance of Iran is the agency responsible for monitoring and regulating the Iranian insurance system. Five insurance companies are prominent in this sector. Out of these companies, four are primarily active in commercial insurance and protect businesses. The forerunner is the Iran Insurance Company. The others, that is, Asia Insurance Company, Alborz Insurance Company, and Dana Insurance Company line up behind Iran insurance company. The mentioned companies are listed in TSE.
Central Insurance also plays the role of a reinsurer in the industry, both voluntary and compulsory. Currently, according to the latest regulations of the Central Insurance in 2018, all insurance companies need to transfer 23% of life insurance policies and 13% of non-life insurance policies to Central Insurance. This is called mandatory reinsurance.

Insurance sales networks in Iran

According to official statistics from the Central Insurance of Iran, about 40,000 agents and brokers are active in this industry and produce more than 70% of the portfolio of this market. The sales network plays the role of the front line of insurance.
Insurance industry in Iran has been traditionally made up of two main actors: the insurer and the insured. With the boost of IT-based innovations, however, the Iranian insurance system has witnessed the revolutionary advent of insurance aggregators. Aggregators are comparison shopping websites or applications in which a set of companies, brands, and similar entities are displayed side by side, allowing users to compare the rates in an online setting. Currently, many Iranian sites allow customers to compare different products based on a wide range of manufacturers and choose the desired product based on the price. But this is relatively new for insurance services, perhaps only a decade old.

Franchise

A franchise is a fraction of the loss that is borne by the insurer, and the insurer has no liability up to that amount. If the deduction is set at 14,000 Tomans, for example, the insurance company is not responsible for any amount under the set number, and if the amount of the loss exceeds the number, the excess insurance company will pay the difference between the actual loss and the agreed amount.

Active insurance companies in Iran

The growth of insurance companies in Iran began in the 2000s, and so far about 32 insurance companies are operating in Iran. Each has its own set of policies and goals, and all of these companies are licensed by the Central Insurance and operate under its supervision. They include a public company and 26 private companies, including 2 reinsurance companies and 5 insurance companies operating in the free zones.

 

 

•  Public insurance companies

-Bimeh Iran

You read the history of Bimeh Iran at the beginning of this article. Now, we take a look at some details. A while after starting to work, Bimeh Iran absorbed almost 62% of the local market share, which was a blow to its foreign rivals. Bimeh Iran’s retention capacity went up from 10% to 56%, and it reduced the premium rates by up to 50%. These strategies adopted in the early years of work helped Bimeh Iran become popular during the first stages of growth. Today, after almost nine decades, it is an emblem of what insurance means in Iran.

Different fields of Bimeh Iran

Bimeh Iran operates in all fields of life and non-life insurance and provides more than 50% share of the country’s commercial insurance by offering commercial and family insurance, including vehicle insurance, persons (life, accident, and medical), fire, cargo, engineering, and liability. On the national scale, the majority of large national projects such as oil and gas and petrochemicals, aviation, dam construction, power plants, and industries are covered by Bimeh Iran, and they rely on it when necessary. Due to its high risk-taking capacity, Bimeh Iran, in addition to providing direct insurance, accepts the risk in the form of reinsurance from domestic and foreign insurance companies.

Branches of Bimeh Iran

Bimeh Iran has 205 active branches and insurance service centers throughout the country and 12 branches and agencies outside the borders. It benefits from the services of more than 3770 real agency offices and 156 legal representatives under the name of Insurance Services Company (in total, 4256 agencies, brokers, and companies). Bimeh Iran has the largest insurance supply network in the country.
The total manpower employed in the company (permanently employed or contractual) is about 4739 people, 53% of whom have a university degree. In addition, due to the expansion of the insurance market, Bimeh Iran has provided part of its human resources through the specialized services of Kargostaran Rahbar Company (former Amin).

Contact details:

Website: http://iraninsurance.ir/en_GB/web/en/home
E-mail: iad@iraninsurance.ir
Address: No. 51, (West) Brazil St., Shirazi St., Molla Sadra Ave., Vanak Sq., Tehran, Islamic Republic of Iran
Postal code: 1435814715
Phone: (+98 21) 86 71 19 70
Fax: (+98 21) 86 09 21 19

 

 

•  Private insurance companies

– Asia Insurance

Asia Insurance Company was established in July 1959 to conduct a variety of insurance and business transactions. It has more than 100 branches, and several active agencies that are responsible for consulting, selling, and tracking claims and other insurance services. Also, it has about 3,000 real and legal representatives in all parts of the country. In 2009, in accordance with the general policies of Article 44 of the Constitution, it was included in the list of companies subject to privatization and continued its activities as the largest private insurance company in the country.

The first rank among financial insurance companies

This company ranks first in production and market share among the country’s private insurance companies. Asia Insurance, with more than 2400 specialized, experienced, and committed human resources, has a capital of 2/300/000/000/000 Rials and with more than half a century of activity in the field of the insurance industry, is one of the top 100 most reputable Iran Insurance companies inside and outside the country. In addition, according to a recent report by Iran Central Insurance, Asia Insurance Company ranked first (level 1) among financial Iran insurance companies in terms of financial wealth. It is also the second direct insurance company in maintaining risk and accepting reinsurance in the country. Among its areas of activity are fire, vehicle, medical, life, and savings, life and accidents, liability, and engineering.

Contact details:

Website: https://www.bimehasia.com/
E-mail: info@asiainsurance.ir
Address: No. 310, between Qarani st. and Nejatollahi st., Taleghani St., Tehran, Iran
Postal code: 1885-15815
Phone: (+98 21) 88 80 09 50- 88 80 09 60

– Alborz Insurance

Alborz Insurance Company was established by the private sector on July 19, 1959, with the primary goal of providing desirable and quality insurance services and creating diversity in the insurance market. Soon, it gained the satisfaction of the insured.
After the victory of the Islamic Revolution, Alborz Insurance continued to operate under the same name due to its successful performance. Alborz Insurance Company is currently ready to provide insurance services across the country with 54 branches, 1300 employees, and more than 2,000 active representatives. This Insurance company, which has the highest risk-taking capacity among private insurance companies, has gained countless achievements in the country’s insurance industry in recent years, as well as in the country’s executive apparatus.

The first public insurance company

Capital, expertise, professional staff, speed in assessing and compensating the loss are among the indicators of wealth. Loyal customers, extensive communication with the global insurance market, scientific and accountable management, and very good financial ratios are among the indicators of the sustainability of the company. Alborz Insurance was accepted as the first public insurance company in the TSE in 2009, and its shares were met with an unparalleled welcome by investors and stock exchange activists when 80% of its shares were transferred to the people. Thus, its ownership was transferred from a public insurance company to a private insurance company. Its areas of activity include individuals, vehicle, cargo, liability, special insurance policies, engineering, fire, life, and pension.

Contact details:

Website: http://www.alborzins.com/En/index.html
E-mail: info@bimehalborz.ir
Address: No. 1320, Aban Alley, Shariati St., Tehran
Postal code: 1913777151
Phone: (+98 21) 88 80 38 21
Fax: (+98 21) 88 80 38 21

– Dana Insurance

Dana Insurance was established on June 22, 1974, with the participation of Commercial Union Insurance of the United Kingdom as a public joint-stock company with private sector capital. After 5 years of activity in the form of the private sector, this company was announced to be national in July 1979 based on the decision of the Revolutionary Council and the Provisional Government, along with 12 other private insurance companies.
Currently, Dana Insurance, with 61 branches, 1987 agencies, 35 sub-companies, 115 special life insurance sales agencies, 670 brokerages, 3 sub-offices, and 1600 staff members, and holding about 7.7% of the country’s insurance market, is the third-largest company in the market. Dana operates in both insurance and reinsurance areas, providing all kinds of life and non-life insurance. Moreover, Dana Insurance provides insurance services in the field of motorcycle, fire, engineering, energy, liability, and cargo.

Contact details:

Website: https://www.dana-insurance.com/En
Address: No. 2, 15th St., Gandhi St., Tehran, Iran
Postal code: 1517891197
Phone: (+98 21) 88770971

– Arman Insurance

Arman Insurance started its business in the industry in 2011. Its major shareholders include Bank Iran Zamin, Gardeshgari Bank, Maskan Bank, Ministry of Culture and Islamic Guidance, Iran Khodro, Saipa, and many other organizations and companies operating in the country’s provinces. The company has 41 branches in the provincial capitals and some major cities. About 800 agencies are active in all parts of the country. Further, the company has 400 employees and its active sales network meets the needs of customers.

Contact details:

Website: https://www.armanins.com/
E-mail: info@armanins.com
Address: No. 4, Mirdamad Blvd., South Shams St., Tehran, Iran.
Postal code: –
Phone: (+98 21) 2856

– Iranian Reinsurance Company

Iranian Reinsurance Company (Iranian Re) started in 2009 with the permission of the Central Insurance. Unlike other insurance companies, the company’s goal is not to provide insurance services but to provide reinsurance for other domestic insurance companies. It does not have branches and sales reps and operates through the services of its staff of 38.

Its activities include:

• Reinsurance in all insurance fields from domestic and foreign markets based on the activity license issued by the Central Insurance of the Islamic Republic of Iran within the scope of the capacity and regulations;
• Establishment, participation, or management of internal and external reinsurance funds;
• Investing in the form of capital and financial resources within the framework of the rules and regulations approved by the High Insurance Council;
• Providing consulting, ancillary, and complementary services in the field of reinsurance;
• Activities in other fields that are related to the goals of the company

Contact details:

Website: http://www.iranianre.com/
E-mail: info@iranianre.com
Address: No. 5, Zayandeh Roud St.,North Shiraz St., Molla Sadra Ave., Tehran, Iran.
Postal code: 1991634491
Phone: (+98 21) 88 62 86 11 – 16

– Amin Reinsurance Company

Amin Reinsurance Company (Amin Re), as the first private insurance company in the country, obtained its establishment license in 2003 and was registered in the Kish Free Trade Zone. Its activities include:
• Reinsurance policies in all fields of insurance from domestic and foreign markets;
• Providing ancillary and supplementary services in the field of reinsurance;
• Establishment, participation, or management of domestic and foreign reinsurance funds.

Contact details:

Website: http://aminre.ir/en/
E-mail: AMINRE@AMINRE.NET
Address: No. 16 Sanaie Ave., Andisheh Blvd., Kish Island, Iran
Postal code: 1991634491
Phone: (+98 76) 44 42 07 85 – 7
Fax: (+98 76) 44 42 09 58

– Omid Insurance

Omid Insurance company was established in 2000. Its major shareholders are larger Iran insurance companies such as Dana, Alborz, and Asia. The focus is on free zones and most of its agencies are in the free trade zones of the country. Omid co. has 7 branches, a staff of 61, and 122 active reps throughout the country. Its areas of activity include automobile, medical, liability, cargo, engineering, special cases, life, accident, pension, and fire.

Contact details:

Website: http://www.omid-insurance.ir/Default.aspx
E-mail: IT@omid-insurance.ir
Address: No. 31, Omid Building, Ferdowsi Square, Sepahbod Gharani St., Shadab St., Tehran, Iran.
Postal code: 1514747314
Phone: (+98 76) 88 91 58 73
Fax: (+98 76) 88 91 50 47

– Parsian Insurance

Parsian Insurance Company (Public Joint Stock Company) started operating in 2003.
The main shareholders of Parsian Insurance Company are:
• Parsian Bank
• Parsian Leasing
• Tadbir Investment Company
• Saba Taamin Parsian
• Parsian Bank Financial Group

Branches and field of activities of Parsian Insurance

The mission of Parsian Insurance is to create a global organization that is competitive, committed to the community and pioneers in providing distinct services to individuals and legal entities to cover risks and compensation, as well as providing consulting services in risk and safety management (identification, evaluation, and analysis). It has 62 active branches throughout the country.
Parsian Insurance is active in the field of commercial insurance, including property insurance, liability insurance, and personal insurance. Certainly, at present, Parsian Insurance is the largest private insurance in Iran insurance companies in terms of capital (four thousand billion Rials) and the share of the private insurance market.

Contact details:

Website: http://www.parsianinsurance.ir/
E-mail: info@parsianinsurance.com
Address: No. 22, Qobadiyan St., Valiasr Ave., Tehran, Iran
Postal code: 1969633391
Phone: +98 21 8259

– Pasargad Insurance

Pasargad Insurance Company was established in 2006 by Pasargad National Financial Group in order to provide insurance services in the field of life and non-life insurance (direct and reinsurance). This Insurance Company is active throughout the country, and it has 85 branches, 925 staff members, 2800 general agents, and 29000 marketers only providing life insurance sales services. It is active in a wide set of insurance and reinsurance areas including life, medical, cargo, and automobile.

Contact details:

Website: https://pasargadinsurance.ir/en/
E-mail: info@pasargadinsurance.ir
Address: No. 2, Hasht Behesht St., Dr. Fatemi St., Tehran, Iran
Phone: +98 21 82489

– Tejarat-e No Insurance

Tejarat-e-No Company, with the support of reputable shareholders, including Tejarat Bank, Post Bank of Iran, Iran Razavi International Company, Parsian Oil, and Gas Development and Iranian Investment, started to work in May 2016. It aims at providing specialized services in various branches. Since its establishment, the company has been trying to be among the top choices of customers and economic activists of the country by benefiting from the knowledge and technical expertise of its employees and using the most advanced technologies in the form of a knowledge-based, creative, and responsive company. It has 30 active branches and 230 staff members providing services throughout the country. Above all, the main areas of activity include fire insurance, vehicle insurance, liability insurance, engineering insurance, cargo insurance, and life and investment insurance.

Contact details:

Website: https://tejaratinsurance.com/
E-mail: info@tejaratins.com
Address: No. 4, Dibaji Alley, North Shariati St., Tehran
Phone: +98 21 74528

– Taavon Insurance

Taavon Insurance Company has been operating since 2007 with the aim of bringing the banking sector and insurance activities together and entering the country’s monetary and financial markets. This company tries to take firm steps in this industry by using specialized and distinguished managers and experts of the country’s insurance industry and providing a platform for delivering technical, specialized, and experimental services. Its fields of activity include vehicle, third party, fire, medical, life, liability, engineering, and foreign travel. It has 24 branches, 478 agencies, and 234 staff members across the country.

Contact details:

Website: https://www.taavon-ins.ir/
E-mail: info@taavon-ins.ir
Address: No. 22, 6th Alley, Ghaem Magham Farahani St., Shahid Beheshti St., Tehran
Phone: +98 21 4208621

– Hekmat-e Saba Insurance

Hekmat Saba Insurance Company started its activities in 2016 with a large shareholder base. The company has the largest number of shareholders in terms of the number of real shareholders (over 152,000 people) and has entered the field of insurance with an initial capital of 2,500,000,000,000 Rials. Other major shareholders are Hekmat Iranian Bank, Caspian Airlines, Army of the Islamic Republic of Iran, and Hekmat Iranian Bank, employees. It has 26 branches, 319 agencies, and 193 employees. The areas of its activity include vehicles, fire, accidents, cargo, transportation, complementary therapy, life, engineering, and liability.

Contact Insurance:

Website: https://hsinsur.com
E-mail: info@hsinsur.com
Address: No. 6, Alvand St., Argentina, Rachel Cory St., Tehran
Phone: +98 21 41395000

– Dey Insurance

Dey Insurance Company (a public joint-stock company) started operating in 2004. With the help of specialized and experienced experts in the insurance industry and also the expansion of its sales network in all parts of the country, the company has constantly tried to provide optimal and desirable services to its customers. Dey Insurance company has 50 branches, 9 agencies, and 466 employees. They provide individual, life, fire, engineering, persons, liability, transportation, and vehicle insurance policies.

Contact details:

Website: http://www.dayins.com
E-mail: contact@dayins.com
Address: No. 239, Mirdamad Blvd., between Naft and Modarres
Postal code: 1918955311
Phone: +98 21 2313

– Razi Insurance

Razi Insurance Company started to work in 2003 with a capital of 140,000 million Rials, which reached 2,000 billion Rials in 2014. It became a public company in 2013. Razi Insurance Company has 36 branches, 1050 agencies, 653 life insurance sales centers, and 470 employees. They provide marine insurance, engineering insurance, vehicle insurance, and life insurance. Special cases are also a part of their business. Also, they have foreign travel insurance policies.

Contact details:

Website: https://razi24.ir
E-mail: info@razi24.ir
Address: No.14, 13th St., Gandi Ave., Tehran
Phone: +98 21 81942

– Zendegi-e Khavaremiane Insurance

The establishment of this company was followed by the idea of a specialized company with a focus on life insurance. It has only one branch because it is newly established (2016) and has 140 members. The goals of the founders, who are among the entrepreneurs, experts of entrepreneurship, and representatives of the real private sector in Iran, are to create a change in the life insurance industry, spread a far-sighted culture by focusing on target markets, and identifying the real needs of different people. Transparency in activities will lead to flexibility and customer orientation. Providing reassurance and peace of mind to Iranians and securing their future and ultimately helping the national economy are among the company’s ultimate goals. It has 613 agencies and 55 employees.

Contact details:

Website: https://www.melico.ir
E-mail: info@melico.ir
Address: No. 70, Seventh Street, Khaled Eslambouli St. (Vozara), Argentina Square
Phone: +98 21 41363000

– Saman Insurance

Saman Insurance Company was established in 2004. It is part of Saman Financial Group and was established with the help of private investors. Its areas of activity include vehicles, fire, complimentary medical insurance, life, travel, supplementary retirement, civil liability, employer liability, physician liability, construction liability, contract risk, machine failure, domestic cargo, import, and transit. The company has 664 employees.

Contact details:

Website: https://www.si24.ir
E-mail: complain@samaninsurance.ir
Address: No. 40, Seyed Jamaluddin Asadabadi St., Tehran
Phone: +98 21 8943

– Sarmad Insurance

Sarmad was the last insurance company that received its license from the Central Insurance in 2013 as the 29th Iran insurance companies. Its major shareholders are Shahr Bank and Saderat Bank. The company’s activities are as follows: vehicle, life (Sepehr Sarmad), cargo, fire, responsibility, engineering, medical and travel abroad, life, accidents, special, Nasim, and travel comfort. This company has 38 branches, about 1000 representative offices, and 246 staff members.

Contact details:

Website: http://www.sarmadins.ir
E-mail: info@sarmadins.ir
Address: No. 113, First Floor, Sepehr Africa Building, Arash Gharbi St., Esfandiar St., Africa Blvd., Tehran
Phone: +98 21 43954000

 

– Sina insurance

Sina Insurance Company was established in 2003. Its shareholders are the Foundation for the Underprivileged of the Islamic Revolution, Alavi Foundation, Persian Gulf Electricity Export Company, Farhangian Investment Company, Sina Leasing Company, and Sina Investment. Its areas of activity include individuals, liability, engineering, special cases, automobiles, cargo, fire, and life. Sina Insurance Company has 51 branches, 199 life insurance agents, and 613 staff members.

Contact details:

Website: https://www.sinainsurance.com
E-mail: CRM@Sinainsurance.com
Address: No 225, Mirdamad Blvd., between Northern Naft St. and Modares Expressway, Tehran, Iran
Phone: +98 21 28377

– Kar Afarin Insurance

The company was founded in 2003. It is one of the first private Iran Insurance companies after the revolution. Its areas of activity are liability, fire, vehicle, engineering, individuals, special cases, life and investment, cargo, and reinsurance. It has 58 branches, 1847 agencies, and 483 employees.

Contact details:

Website: https://www.karafarin-insurance.ir
E-mail: Karafarin @karafarin-insurance.ir
Address: No. 5,17th. Alley, Qasir (Bucharest) St.Tehran 1513846911, Iran
Phone: +98(21) – 42594

– Kowsar Insurance

Kowsar Insurance Company is active in all matters of commercial insurance, including property, persons, liability, and engineering. The company’s capital has increased from 2,500 billion Rials after several increases to 3,527 billion and 777 million Rials. Kowsar Insurance Company has joined the family of the insurance industry with the aim of creating change and providing different and superior insurance services with a service-oriented approach and emphasizing the expansion of life insurance. This Company currently has 8 branches, 31 supervisors, more than 700 agencies, and 417 employees across the country.

Contact details:

Website: http://kins.ir/
E-mail: info@kins.ir
Address: Argentina Square, Alvand Street, No. 24
Phone: +98 21 89382

– Ma Insurance

 

This insurance company is registered with the support of Mellat Bank, as well as other legal and real investors. Its areas of activity include liability, fire, vehicle, engineering, persons, special projects, lifetime and investment, freight forwarding, reinsurance, and special cases. It has more than 40 branches and 2,000 representatives across the country.

Contact details:

Website: https://www.bimehma.com
E-mail: Info@bimehma.ir
Address: No 9, Vanak St, Vanak sq, Tehran, Iran
Phone: +98 21 8690

– Moalem Insurance

Moalem Insurance was established in 1994 with the aim of developing export affairs. In 1986, its shares were transferred to Moalem company, and it expanded its activities (life insurance and non-life insurance activities). Its areas of activity include vehicles, cargo, ships, aircraft, fire, life and living, engineering, liability, and the third party. It has 4071 representatives and 67 branches.

Contact details:

Website: https://www.mic.co.ir/fa/
E-mail: info@mic.co.ir
Address: No. 44, Sharifi Alley, Valiasr St., Tehran (Shahid Bani Ardalan Building)
Postal code: 1969943541
Phone: 88795051

– Mellat Insurance

Mellat Insurance entered the industry in 2003. In addition to operating in various fields, it also issues international insurance policies with the cooperation of foreign companies. Its areas of activity include life, persons, automobiles, fire, cargo, aircraft and ship, special liability and insurance plans, engineering and energy, reinsurance, and credit. Also, the company has 316 employees.

Contact details:

Website: http://melat.ir
E-mail: info@melat.ir
Address: No. 697, Saeedi Alley, Enghelab St.
Phone: +98 21 85333

– Mihan Insurance

Mihan Insurance was established in 2008 with the cooperation of several companies, including Saman Mohit Company and Saba Deposit and Investment Company, which is affiliated with the Social Security Investment Company. Its fields of activity include life and investment, vehicles, individuals, special cases, cargo and fire, professional liability, reinsurance, engineering, and travel abroad. Further, the company has 40 branches, 450 agencies, and 279 employees.

Contact details:

Website: https://www.mihaninsurance.com
E-mail: info@mihaninsurance.com
Address: No. 90, 28th St., Shahid Khaled Eslambouli St., Tehran
Phone: +98 21 88480515

– Novin Insurance

Novin Company was established in 2005 with support from Eghtesad Novin Bank and a number of other companies. Its areas of activity are fire, liability, engineering and energy, individuals, automobiles, special cases, cargo, and groups of individuals. The company has 36 branches, more than 1,400 representatives, and 545 employees.

Contact details:

Website: https://novininsurance.com
E-mail: info@novininsurance.com
Address: Tehran, Mirdamad Blvd., Madar Square, Shahid Sanjabi St. (Behrooz), Corner of 1st Alley, No. 11
Phone: +98 21 22 27 77 75

 

 

• Free Trade Zones Insurance

– Iran Moein Insurance

Iran Moein insurance company started operating in 2004. Its main activity is free zone insurance coverage. The insurance policies offered are freight, fire, engineering, liability, persons, car, life, and medical. It has 11 branches, 138 staff members, and 133 representatives.

Contact details:

Website: bimc.ir
E-mail: info@bimc.ir
Address: No. 7, 5th Alley, Ahmad Ghasir St., Tehran
Phone: 021-88108071

– Asmari Insurance

This company was established in 2012. Its focus is on insurance activities in the free zones, with the exception of issuing travel insurance policies for the insured outside the free zones. It has one active branch in Tehran and 7 in the free trade zones of the country.

Contact details:

Website: http://www.asmari-insurance.com
E-mail: info@asmari-insurance.com
Address: No. 19, 11 Shahab St., South Gandi St., Tehran
Postal code: 1517756611
Phone: +98 21 43417

– Hafez Insurance

Hafez insurance company started operating in Kish in 2002. Its sales networks are active in free trade zones. In the field of compensation, 11 payment centers are operating in different areas for this insurance. Its areas of activity include life, accidents, supplementary treatment, automobiles, fire, transportation, freight, liability, engineering, vessels, aircraft, energy insurance, money insurance, and reinsurance.

– ITA P&I CLUB

ITA P&I CLUB started in 2012 with the aim of providing coverage for ships and ship owners. It is active in the field of marine insurance.

Contact details:

Website: –
E-mail: –
Address: No. 56, Shahid Haqqani Blvd., Vanak Square, Tehran
Postal code: –
Phone: +98 21 88661362
Fax: –

– Kish P&I Club

This company became one of the Iran insurance companies in 2011. They work in the field of marine insurance with the aim of covering third parties and compensating ship owners in this field. Other services include the issuance of a guarantee and the provision of insurance consulting services to ship owners.

Contact details:

Website: http://www.kishpandi.com/
E-mail: info@kishpandi.com
Address: No-82, 2nd Floor, Soltani St., Nelson Mandela Blvd, Tehran, Iran.
Postal code: 19677-13955
Phone: +98 21 26201831-3

Social Insurance Organizations

The Social Security Organization (SSO) is a social insurance organization in Iran. It provides a wide variety of services to the general public. In other words, workers, the elderly, and the poor are among its main customers. SSO is a non-governmental organization, and it is funded through contributions. The self-employed and freelancers can also benefit from protection by paying a certain amount for the kind of protection they need. The Health Insurance provided by SSO is one of the widely used insurance policies in Iran.

Active associations of the Insurance industry in Iran

The following is a list of active associations in the system of the insurance industry in Iran:
• The National Association for Employers’ Unions of Iran Insurance Representatives
• The Association of Asia Insurance
• The Association of Asia Insurance Representatives – Tehran
• The Association of Alborz Representatives and Insurance Services
• The Association of Alborz Insurance Representatives
• The Associations of Alborz Insurance
• The Association of Dana Insurance Representatives
• The National Association of Parsian Insurance Representatives
• The Professional Association of the Insurance Industry
• The Association of Professional Claim Adjusters
• Official Insurance Brokers Association

 Different types of insurance

 

1.Property Insurance

Property insurance provides coverage for property owners or renters who are likely to experience damage to their assets. Homeowners, renters, and fire, vandalism, earthquake, and flood insurance policies are among the examples of this type of insurance. When the damaging event happens, the insurance company makes up for part of the loss. The insurer makes sure that people cannot take advantage of this kind of insurance. For example, you cannot set fire to your house and claim compensation, and that is why intricate regulations exist regarding this type of insurance.

Cargo insurance

Cargo insurance protects the people who want to transfer shipments against all risks of physical loss or damage to freight during the time that the shipment is taking place. These cases of loss originate from external causes during shipping, for example, pirate attacks, accidents, and storms. The insurer makes up for the loss according to the policy.

Import/Export insurance

One of the widely used insurance policies is the import/export insurance policy. If you are trading with other countries, you need to make sure that you are not going to be exposed to risks due to conditions that are out of your control. For example, you need to make sure that you will be compensated if your goods are damaged during a riot in the destination country. This type of insurance is very common among the companies that are involved in international trades, and different stages of import/export are covered by this type of insurance.

Transit Insurance

The transit insurance policy makes sure that the items that are moved from one place to the other are safe throughout the way. To clarify, it is similar to the cargo insurance policy, and the only slight difference is that this kind of policy is sometimes used for smaller items.

2. Travel insurance

Travel insurance is a policy that provides coverage for the loss or damage experienced during travel, locally or internationally. For example, when you are on a trip, you might be attacked by robbers, you might fall ill or you might lose your belongings due to unforeseen events. These and similar cases are why travel insurance matters. The majority of Iran insurance companies provide travel insurance if you plan to make a trip to Iran. In addition, there are internationally famous insurance companies, such as World Nomads, that provide popular travel insurance policies.

3. Health supplementary insurance

We all know that the costs of medical treatments are going up on a daily basis. In fact, getting medical care is expensive beyond the financial capacities of many individuals nowadays. Insurance companies in Iran provide health insurance policies that cover the basics, but most of the time we need to make sure that, in case of a need for extensive medical care, the costs would not be a matter of concern. This is the rationale behind health supplementary insurance in Iran. You can pay for the supplementary insurance policy and rest assured that, if anything serious happens, a considerable portion of the costs will be covered by the insurance company. Recently, this insurance policy has extended to cover cancer and infertility cases.

4. Vehicle insurance

Vehicle insurance is a type of insurance policy that financially protects individuals’ vehicles if they are damaged in traffic accidents or if an incident happens in the vehicle. There are three types of vehicle insurance policies in Iran. The most common one is the vehicle body insurance, which compensates the damage imposed on the body of the vehicle and some of its internal parts. In addition, the second one is third-party insurance, which protects the vehicle owner against legal liabilities arising from injuries to other people during the accident. Moreover, the last type of vehicle insurance is supplementary insurance, which covers all the basics that are not covered by the previous two types of policies. For example, your vehicle might get stolen or get damaged during something that is not essentially an “accident”. These are covered by supplementary insurance. Some insurance companies cover the injuries of the owner, too.

5. Liability insurance

Liability insurance protects individuals against the risks of liabilities that arise from lawsuits when people or properties receive injuries. These types of policies usually cover both the cost related to legal procedures and any payouts that must be made after the courts.

6. Special cases insurance

There are some types of risks and events that the majority of people do not experience them. Therefore, there is little demand for insurance policies when it comes to these risks and events. For example, not many people are likely to buy insurance policies for airplanes, ships, very large amounts of money, and energy-related products like fossil fuels. The insurance companies in Iran cover these items under the title of “special case insurance”. Airlines, shipyards, and banks are among the prominent customers of this kind of insurance policy.

7. Engineering insurance

Engineering jobs are mostly among high-risk jobs in the world. We have all heard about engineering accidents resulting in a wide range of undesirable outcomes. Iran insurance companies provide policies to cover any kind of damage or loss arising from the risks in engineering environments and activities. Therefore, people and assets involved in such activities are financially protected against all kinds of risks threatening the lives of the physical items of the project.

8. Theft insurance

Theft insurance is a type of insurance policy that makes up for the losses arising from the theft of property and assets. For example, you might lose your diamond ring or an amount of money to a theft incident. This kind of policy is popular and concerns the people who keep valuable items in their houses or whose property is exposed to theft risks. Iran insurance companies provide theft insurance under homeowner insurance policies and also so in a separate form.

9. Factory shutdown insurance

A factory shutdown may be the result of various incidents. For example, a shortage of raw materials, industrial risks, maintenance, and economic conditions may lead to the closing down of a factory. Iran insurance companies offer factory shutdown policies to cover for the losses incurred by the closing down of factories.

10. Nuclear attack insurance

While a nuclear attack is not the most probable thing to happen, there is a kind of insurance policy that provides coverage for such an unlikely event. In fact, in countries around the world, terrorism insurance policies are relatively popular. Similar to these kinds of policies are war risk insurance policies. Whether you consider a terrorist attack an act of terrorism or an act of war, you can be sure that there are policies offered by Iran insurance companies in this regard.

11. Livestock and cattle insurance

This is an insurance policy suitable for the people who own farms or factories related to producing animal-related products. The most common risk that is covered by animal insurance policies is related to cattle or livestock disease. There are, of course, other dangers that threaten livestock. Some insurance companies provide coverage for the death of animals under conditions such as farm fire or storm.

12. Airplane insurance

Airplane insurance is a special case because only airline owners seek to buy insurance policies for airplanes. Since they are really expensive,  insurance is highly necessary for them. Iran insurance companies thus offer policies that provide coverage for airplanes in case of plane accidents. The accidents could be plane crash, terrorist attacks, and damages due to unexpected weather conditions.

13. Individual insurance

– Life insurance

Life insurance is a general insurance policy according to which the insurer pays an agreed amount of money to the individual at a certain point in time. There are several types of life insurance which are explained later in this article.

– Incident insurance

Incident insurance provides coverage for the losses incurred during events such as traffic collision, falling from a height, and working with dangerous tools. However, these are not the only incidents that could happen. This insurance policy also covers educational, sports, tourist, travel, and hard work-related incidents too. Policies can be for individuals or groups. It does not have to be a one-year contract, and it changes depending on what you do. By paying extra premiums, you can add the damage caused by war, earthquakes, martial arts, etc.

– Medical insurance

Medical insurance policies cover a wide range of treatment costs incurred by illness, injuries, and health-related issues. Most people own at least one type of health insurance due to the usually high costs of medical care.

14. Social insurance policies

– Health insurance

Most countries provide insurance coverage for health issues in the form of social security insurance. These types of policies usually back by governments, and governments force institutions to provide such policies for their workers. The lower tiers of the society are usually the largest group who benefit from such policies due to the low rate of premium.

– Social security insurance

Social security insurance policies are also backed by governments. They provide coverage for workers. Workers’ lives are financially more sensitive to economic conditions, and social security insurance protects them against a variety of uncertainties such as losing their job or some legal liabilities.

15. Life insurance

– Whole life insurance

Whole life insurance provides coverage for the entire life of the insured and is passed on to the heirs after the insured dies. The insurer pays an agreed amount of money to the insured or the heirs at a certain point in time and when the contract matures. The main condition is that, as long as the person benefits from the coverage, they should pay the premiums as stated in the policy. There could be a maturity date after which the insurance policy ends, but this is up to the insured to determine.

– Term life insurance

Term life insurance, or pure life insurance, makes the insurer pay an agreed amount of money if the insured dies within a defined period (term). The insurer pays the money to the heirs.

– Mixed term and whole life insurance

Term blending is also another option where you can mix term and whole life insurance. The premiums of whole life insurance are mostly set aside to be paid when due. Term blending can work to the benefit of both the insured and the insurer in that a larger part of the premiums can be used by the insurer to invest, and the insured is usually paid more money when the policy conditions are met.

– Life annuity

The life annuity is a series of payments that the insurer pays to the insured at fixed intervals. Its policy is on during the lifetime of the insured and ends when they die.

– Retirement insurance

The policies of retirement insurance ensure that the insured receives fixed interval payments after he/she retires. Since it makes it possible for the person to fund a whole life insurance policy above its premium base, it is a good deal for many people.

– group life insurance

Group life insurance policies provide coverage for a number of people rather than one person through a single contract which covers the entire group. Usually, this kind of policy is provided by an employer for a group of people who work for him/her.

 

 

If you want to have business travel to Iran to set up a business or just to have fun, rest assured that Iran insurance companies provide all kinds of policies that you may need. They are reliable, well-managed, responsible, and diverse in the service they provide. Plus, purchasing insurance policies in Iran is a far more reasonable deal compared to international companies when it comes to comparing the prices.