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Majlis Research Center evaluated the financial performance of third party insurance between 2009 and 2010.
According to the Public Relations office of Majlis Research Center, in implementing the provisions of Article (27) of the amendment of compulsory third party insurance law, tables to calculate profits and losses of third degree and the total of insurance industry with the separation of insurance companies for 2008, 2009 and 2010 that have been got from Statistical Yearbook of Insurance Industry and Central Insurance of Islamic Republic of Iran, the following points are important:
1. The profit and loss status of third party insurance operations has lost 1332, 1557, and 2096 billion Rials respectively from 2009 to 2011, the Office of Economic Studies said. While the performance of insurance companies such as Pasargard, Asia, Alborz, Saman, Omid, Karafarin, Iran, Dana and Mellat have been lost in the field every three years, performance of Parsian, Novin, Iran Moein, Moallem, Razi, Tose-eh and Hafez Insurance Companies have been profitable every three years, the Office added. Mihan Insurance Company has been lost in 2008 and 2009 but the insurance has been profitable in 2010. As well as Sina Insurance Co has been lost in 2008 and 2009 but it has been profitable in 2010 and Day Insurance Co has been profitable in 2008 and 2009 but has been lost in 2010.
2. In 2008, 6% of the portfolio has belonged to profitable third party insurance companies and 94% belonged to lost third party insurance companies that the amount has been changed into 15% for profitable companies and 85% for lost companies in 2009 and 12% for profitable companies and 88% for the lost companies in 2010. According to market share of third degree, Asia, Dana and Iran insurance companies have been made the greatest losses in this field in 2008 respectively and in contrast, Moallem, Razi and Parsian insurance companies have been had the greatest profits. In 2009 and 2010, Iran, Asia and Dana insurance companies have been made the greatest losses while Moallem, Tose-eh and Sina have been had the greatest profits of third party, the Office of Economic Studies said.
Finally, in order to better efficiency in the insurance industry payments to reduce traffic accidents and damage caused by them and also reduce the cost of buying compulsory third party insurance and increase penetration coefficient of insurance in the country and reduce the number of vehicles without third party insurance policy, proposals have put forward that the most notably are as follows:
1. The need to increase 38% to the Ministry of Road Transportation and Urban development budget and 20% increase in Police budget of 2012 budget bill
2. Need to improve and become competitive the insurance business environment and to avoid insurances bankruptcy
3. Emphasis on raising blood money over a one hundred percent in 2012
4. Overlapping duties of the Ministry of Road Transportation with the Police Department in order to improve the country’s roads to reduce road casualties and on the other hand, reform the proper functioning of the Police Department during incidents.