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Non-Life Insurance Market in Iran to Grow by USD 1.61 Billion from 2024-2028, Driven by Rising Insurance Demand and AI-Redefined Market Landscape – Technavio

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with market evolution powered by AI – The non life insurance market in iran size is estimated to grow by USD 1.61 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 2.4% during the forecast period. Increasing demand for insurance policies is driving market growth, with a trend towards emergence of digital marketing platforms. However, data privacy and security concerns in insurance technology poses a challenge.Key market players include Arab Insurance Group, Arman Insurance, Asia Insurance Co., Bimeh Iran Insurance Co., Hekmat Saba Insurance, Mellat Insurance Co., Omid Insurance Co., Parsian Insurance, Pasargad Insurance Co., Razi Insurance Co., Saman Insurance, Sarmad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Distribution Channel (Direct, Brokers, Banks, and Others), Product (Health insurance, Motor insurance, Fire insurance, Marine insurance, and Others), and Geography (Middle East and Africa)

Region Covered

Iran

Key companies profiled

Arab Insurance Group, Arman Insurance, Asia Insurance Co., Bimeh Iran Insurance Co., Hekmat Saba Insurance, Mellat Insurance Co., Omid Insurance Co., Parsian Insurance, Pasargad Insurance Co., Razi Insurance Co., Saman Insurance, Sarmad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co.

Key Market Trends Fueling Growth

The non-life insurance market is experiencing significant growth due to the increasing use of digital marketing platforms, particularly social media. With over 56% of the global population having Internet access and the number expected to rise, insurance firms are leveraging social media to expand their market reach and increase awareness of their product offerings. Social media provides several benefits, including easy access to product information, quick customer response, high competitive advantage, easy interaction with customers, and enhanced relationships with social media users. However, in markets with government-sponsored Internet censorship, such as Iran, local ad platforms can serve as alternatives for insurance brokerage firms to engage with customers and address insurance queries, collect feedback, and provide policy updates. These factors are expected to drive the growth of the non-life insurance market during the forecast period. 

The Non-Life Insurance market is experiencing significant trends shaping its future. Mobile apps and online platforms are transforming how customers buy and manage their insurance policies. The aging population demands retirement products and solutions for longevity risk. Cybersecurity is crucial in the digital age, with cyber insurance gaining popularity. Natural disasters necessitate parametric insurance for swift payouts. Financial inclusion through digital banking and insurance literacy campaigns expand market reach. Medical emergencies, property damage, and casualty incidents require comprehensive coverage. Legal responsibilities dictate policy length, with permanent and term life policies catering to various needs. Motor insurance addresses cyber risk, and insurance technology enhances damage coverage for theft and burglary. Co-passengers’ safety, financial security, and customer satisfaction are key. Insurance penetration and premium growth depend on financial literacy and personalized services. Trust-based relationships and educational campaigns foster transparency and combat insurance fraud.

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Market Challenges

Financial organizations face significant barriers in adopting insurance technology solutions due to data privacy and security risks. Big Data and Artificial Intelligence (AI) offer advanced capabilities to track, retrieve, and analyze data from connected servers. However, these technologies also bring potential vulnerabilities. IT infrastructure, often built on open-source codes, can contain glitches and flaws. Cloud-based data storage systems, which are multi-tenant and based on open architecture, pose additional risks. Hackers can easily access these systems and exploit vulnerabilities, raising concerns among organizations. As a result, the adoption of insurance technology may be limited during the forecast period. Organizations must prioritize data security measures to mitigate these risks and unlock the full potential of insurance technology.Non-life insurance, also known as general insurance, covers financial loss due to various risks such as motor, burglary, or theft. Unlike life insurance, it doesn’t provide coverage for death but rather for damages and financial losses. Legal responsibilities, like motor insurance, have mandatory policy lengths. Permanent policies offer long-term coverage, while term life policies are for specific periods. Coverage includes damage, theft, and co-passengers. Financial security is crucial, but insurance penetration remains low due to legal complexities, premium growth, and financial literacy. Challenges include insurance fraud, cyber risk, and consumer protection. Technology, like insurance tech, cybersecurity, data analytics, machine learning, and blockchain, is transforming the industry. Personalized services, trust-based relationships, and educational campaigns are essential for customer satisfaction. Health and travel insurance are popular customer-centric products. Underwriting processes must balance risk and reward, and digital transformation continues to shape the industry.

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Segment Overview

This non life insurance market in iran report extensively covers market segmentation by

Distribution Channel1.1 Direct1.2 Brokers1.3 Banks1.4 OthersProduct2.1 Health insurance2.2 Motor insurance2.3 Fire insurance2.4 Marine insurance2.5 OthersGeography3.1 Middle East and Africa

1.1 Direct- Insurance firms historically relied on middlemen, such as agents and brokers, to sell their non-life insurance products. These intermediaries helped educate the public about insurance and operated on commission. However, with the rise of digital transformation and increasing internet usage, insurance companies have shifted their marketing strategies. According to The World Bank Group, internet usage increased from 45.33% in 2015 to 84.1% in 2020. Insurance companies now sell their products online through websites, social media, and digital platforms. This shift from a push product to a pull product is primarily due to the focus on digital channels. The COVID-19 pandemic further accelerated this trend, with lockdowns forcing insurers to sell directly to consumers, increasing sales and ensuring survival. These factors are expected to fuel the growth of the non-life insurance market during the forecast period.

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Research Analysis

Non-life insurance, also known as general insurance, provides coverage for financial loss due to various risks such as property damage, medical emergencies, and liability claims. With increasing life expectancy, financial planning has become crucial, and non-life insurance plays a vital role in securing financial security. Underwriting processes ensure the assessment of risks before issuing policies, which may vary in length from permanent to term. Coverage for customer-centric products includes property insurance, casualty insurance, and travel insurance. Cybersecurity threats pose new challenges, necessitating specialized policies. Life expectancy influences the design of insurance policies, with pensioners requiring long-term coverage. Legal responsibilities and financial literacy are essential for consumers, who must understand policy terms and insurance penetration rates. Premium growth in the non-life insurance sector is influenced by factors like inflation, economic conditions, and demographic changes. Insurance fraud is a significant concern, and consumer protection measures are essential. Digital transformation is revolutionizing the industry, enabling easier access to insurance products and improved customer experience.

Market Research Overview

Non-life insurance, also known as general insurance, provides coverage for financial loss due to various risks excluding the risk of death. With an aging population and increasing life expectancy, non-life insurance becomes essential for financial planning. Underwriting processes ensure the risk assessment and pricing of policies. Customer-centric products include health, travel, and retirement plans. Cybersecurity threats, natural disasters, and parametric insurance are significant concerns. Data analytics, artificial intelligence, and blockchain technologies are transforming the industry. Health insurance covers medical emergencies, while travel insurance protects against trip cancellations and baggage loss. Consumer protection, digital transformation, and financial inclusion are crucial. Cyber insurance shields against cyber risks, and insurance technology streamlines claims processing. Policy length, coverage, and financial loss vary between permanent and term life policies, motor insurance, and casualty insurance. Legal responsibilities and policy length impact customer satisfaction, trust-based relationships, and financial literacy. Insurance penetration and premium growth depend on educational campaigns and personalized services. Digital banking and online platforms offer convenience, while financial literacy combats insurance fraud.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelDirectBrokersBanksOthersProductHealth InsuranceMotor InsuranceFire InsuranceMarine InsuranceOthersGeographyMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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4 hours ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

4 hours ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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11 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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