Financial Tribune - Insurance penetration in Iran has been rising steadily over the past years, according to the head of the Insurance Research Center, affiliated to the Central Insurance company of Iran.

�Performance of the insurance industry in the past decade shows that the annual insurance penetration rate has increased on steady pace,� Hamid Kordbache told a press conference Saturday.

Rising from 1.1% in 2011, the penetration rate reached 2.38% at the end of the last fiscal year in March 2019, IRNA reported.

Insurance penetration rate is measured as the ratio of premiums underwritten in a particular year to the GDP.