Author
Department of Insurance, Allameh Tabataba'i University
Abstract
Elucidating the indicators of the resistance economy in the insurance industry necessitates distinguishing between two complementary levels: first, rendering the insurance industry itself resilient against external shocks, and second, the role-playing of the resilient insurance industry in fortifying the national economy. During the sanctions period, Iran's insurance industry, owing to limited access to foreign insurance services, was compelled to rely on domestic capacities, and this situation led to the strengthening of risk assessment capabilities, the issuance of major policies, the development of coverage layers (consortia, joint market capacity, and the reinsurance fund), and the prevention of foreign currency outflow. Furthermore, the establishment of alternative mechanisms such as I&P clubs to cover major risks constituted part of the institutional experiences of this period. Within the conceptual framework of the resistance economy, indicators such as shock resistance, knowledge-centrism, sanction-immunity, dynamism, popular orientation, transparency, and intolerance of corruption are introduced as criteria for measuring industry performance. Analyses indicate that the insurance industry has performed successfully in certain indicators, yet in areas such as economic growth and employment, innovation, popularization, and transparency, it requires supplementary action. Proposed strategies include revising and updating the operational program of the resistance economy in the insurance industry, developing cooperative/takaful insurances, specializing life insurance companies, reforming investment regulations to channel resources toward development projects, creating tax incentives and reducing tolls, mandating international rating, promoting up-to-date knowledge and utilizing integrated supervisory software, as well as formulating risk management and company merger bylaws.
Keywords