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.