The source of lexical meaning for”bimah,” which is “surely” or “bimah” in Persian
The insurance contract is signed between two parties: both the insured and the insured as per the terms of the contract, where they each compensate for losses that the other suffers as per the conditions that are stipulated in the contract. The Persian alternative to security is female. If you are already familiar with Persian then you may know that Bim refers to “fear.”
There are currently two different etymological meanings for the word Bima. Many believe it originates directly from the Sanskrit word Bimah meaning “fear.” Others think that the word has its origins in the Persian meaning of a Russian term that stands for “antidote to fear” or “shield against fear.” Another reason is the Russians have been the first to establish an insurance-related business in Iran. In this article, we will review all aspects about Iranian insurance companies as well as numerous other subjects in this post that could prove useful to you in case you plan to travel to Iran or are planning to book an itinerary for a trip to Iran.
The History of “Insurance” and “insurance companies” in Iran
Similar insurance mechanisms were in place at the time of Kayqubad I. However, the origins of insurance go farther back to the Achaemenid period. When the Achaemenid era was in its heyday civil war was rife. If a citizen gave gifts to the king and the kingdom was willing to help to repay him at the moment of the loss. The insurance business in Iran began in the year 1910. The year 1910 was the year that Russian institutions Nadezhda, as well as Caucasus Mercury, officially established the insurance sector in Iran. Following the creation of the two institutes several others started to establish operations within Iran. In the year 1935, the country had around 13 more foreign firms working in Iran’s insurance sector, which included the British Alliance, British Alliance, and the British Yorkshire Company.
Foreign insurance companies operating in Iran
When the year 1891 was in its beginnings, there was a Qajar King Nasir al-Din Shah who ruled the nation, and the right to establish an organization known as the Ministry of Transportation and Insurance across Iran was awarded to one Russian resident Lazar Solomonovich Polyakov. Then, various foreign firms set up their operations in Iran. As there was not an Iranian insurance provider, traders as well as institutions, such as merchants and banks needed to go to these firms to get the insurance they required.
The very first Iranian insurance firm.
The concept of establishing an Iranian insurance company was suggested by an Iranian known as Dr. Alexander Agian (who had experience working at Nadezhda) in 1931 to Ali Akbar Davar, then Minister of Finance in 1931. In 1935, the very first Iranian insurance firm, Pemeh Iran, was created with a capital of two million dollars.
The founding of Bima Iran, the first Iranian insurance company, dominated the work of foreign firms. Insurance laws were passed in Iran around 1937. In 1952, legislation was approved that resulted in the closing of foreign insurance firms. A few years prior insurance firms owned by private individuals were operating in Iran in 1964. By that time there were eight private firms involved in the industry. In the year 1971, in order to help national insurance firms to support national insurance companies, it was decided to pass the Central Insurance Law was passed and Central Insurance was established.
Central Insurance Corporation
The Insurance Center of Iran is the body responsible to oversee and regulate the Iranian insurance system. Five insurance firms are prominent in this field. Of these five companies, they are four that are involved in commercial insurance as well as corporate protection. One of the leading companies is the Iranian Insurance Company. The remaining firms i.e. Asia Insurance Company, Alborz Insurance Company as well as Dana Insurance Company are behind Iran Insurance Company. The three companies mentioned above have been listed on Tokyo Stock Exchange.
Central de Seguros also plays its role as a reinsurer in the business, whether that is either mandatory or voluntary. According to the latest rules issued through Central de Seguros in 2018, the insurance industry has to transfer 23% of life insurance policies, and 13 percent of their life insurance policies to Central de Seguros. This is known as mandatory Reinsurance.
Networks of insurance sales within Iran
As per official data of the Iranian Central Insurance Organization, around 4000 brokers and agents work in the field and contribute over 70% of the total portfolio of the market. The sales network serves an important role as the frontline for insurance.
The insurance sector in Iran was traditionally comprised consisting of two key actors: the insurer and the insured. In the wake of increasing awareness about technologies that use the information and the development of new technologies, the Iranian insurance industry has experienced the emergence of revolutionary insurance Aggregators. Aggregators are websites for comparison shopping or apps in which a collection of companies, brands as well as entities are displayed in a row, which allows consumers to compare prices within an online setting. Numerous Iranian websites are now allowing customers to evaluate different items with a range of companies and pick the product they want based on cost. However, this is fairly new for insurance companies, possibly it’s only been around for a decade.
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The amount of the lien represents a small fraction of the losses the insurer is responsible for, and the company’s insurance policy carries zero liability beyond this amount. If the deductible has been set at 14,000 tomans, as an example, the insurer will not be accountable for any sum lower than that figure in the event that the total damage is greater than the amount then the insurer who is in excess will take the amount that is the greater of the actual amount of loss and the amount agreed upon.
Active Insurance Companies in Iran
Insurance is an essential component of any nation’s economy and Iran is no exception. The industry of insurance in Iran has seen rapid growth and has a wide range of insurance firms operating within the nation. In this post, we’ll examine the best insurance companies operating in Iran.
Iran Insurance Company
Iran Insurance Company sometimes referred to as Bimeh Iran, is the most renowned insurance provider located in Iran. In 1935, the firm has an extensive number of branches across the nation. The company offers a wide range of insurance services, such as insurance for health, life, and automobile as well as property and risk insurance. The firm is in good financial standing and has assets totaling of over $8.5 billion. Iran Insurance Company is also listed on the Tehran Stock Exchange, making it an openly traded corporation.
Parsian Insurance Company
Parsian Insurance Company is one of the biggest insurance firms located in Iran and has a long timeline that dates back to the 1950s. It offers a broad variety of insurance options which include health, life automobile, property, and risk insurance. Parsian Insurance has a strong presence in the entire country with over 400 branches spread across more than 250 cities. Parsian Insurance is included on the Tehran Stock Exchange.
Dana Insurance Company
Dana Insurance Company is another important participant in the Iranian insurance market. It was founded in 2005. The firm offers a variety of insurance services, such as life, health, and auto as well as property, liability, and insurance. Dana Insurance has a strong emphasis on customer care, through a 24-hour customer service center as well as online options for customers who have a policy. Dana Insurance has a network of more than 200 branches in the United States and is traded on the Tehran Stock Exchange.
Alborz Insurance Company
Alborz Insurance Company is a prominent insurance provider that is based in Iran that has a rich timeline that goes back to. Alborz Insurance Company offers a variety of insurance services, such as insurance for health, life, automobile insurance, property, and risk insurance. Alborz Insurance has a strong financial standing and assets that exceed 4 billion dollars. Alborz Insurance has a network of more than 120 branches around the United States and is included at the Tehran Stock Exchange.
Pasargad Insurance Company
Pasargad Insurance Company is a relatively young participant in the Iranian insurance market founded in the year 2008. But, it has rapidly gained significant market share and has become one of the most reputable insurance firms in Iran. Pasargad Insurance offers a range of insurance services, such as auto, life, health insurance, property, and liability insurance. The firm has a system of more than 300 branches in the nation and is traded at the Tehran Stock Exchange.
Conclusion:
The Iranian insurance market has experienced substantial growth over the past few years and there are numerous leading insurance firms operating within the country. The businesses mentioned in this piece, which include Iran Insurance Company, Parsian Insurance Company, Dana Insurance Company, Alborz Insurance Company, and Pasargad Insurance Company, are among the biggest and most trusted insurance providers within Iran. Every company provides a variety of insurance services and products that meet the varied requirements of Iranian clients.