External Factors Affecting Insurance Industry in Iran

Abstract

Nowadays insurance affects virtually everything we do in life and in business. It protects homes, jobs, cars, property and the continuity of lives. Insurance industry is growing rapidly in results of government policies, political events and many other reasons and it has affected by various internal or external factors. In this paper we investigate the main challenges about Iran's insurance industry by using a Political, Economic, Social and Technological (PEST) analysis. We apply conventional actuarial thought on this area by focusing strictly on Iran's conditions and introduce the affecting factors on insurance industry. Considering Iran's economy and sanctions conditions, we have provided some recommendations at the end of this article. This is expected to be useful for insurance companies, policymakers and other individuals.