Monetary & Financial Economics

Abstract Life insurance is recognized as a reliable indicator of economic development in many countries due to its essential role in ensuring financial security for households, increasing social welfare, and supporting productive investments. However, in Iran, the share of life insurance in the insurance industry portfolio is very limited, and its growth faces serious challenges. The aim of the present study is to design and explain the factors affecting the development of life insurance sales in Iran. For this purpose, first, using the meta-synthesis method, the findings of the studies were collected and categorized, and then using the three-round fuzzy Delphi technique, the opinions of insurance industry experts were extracted and a consensus was reached. The results showed that the development of life insurance sales is based on three key factors: individual factors including demographic, economic, and attitudinal characteristics of customers; insurance market factors such as sales channels, trust in the insurance company, financial sufficiency, and product innovation; and macroeconomic factors such as inflation rate, economic growth, per capita income, and unemployment level. The findings indicate that individual factors have the greatest impact on the demand side, insurance factors affect supply, and macroeconomic conditions affect both sides. Accordingly, it is recommended that insurance companies expand the share of life insurance by promoting product innovation, improving sales channels, and strengthening financial strength, while increasing customer confidence; policymakers can also provide the basis for increasing the penetration rate of life insurance in the country by controlling economic fluctuations and strengthening the insurance culture in society.

Abstract The aim of this article was to investigate the effect of economic policy uncertainty on the performance of the insurance industry in Iran. For this purpose, data from the period 1370-1402 were used based on the frequency of annual data and the autocorrelation method with nonlinear distribution lags. The results of this study indicated a significant and asymmetric effect of economic policy uncertainty on the performance of the insurance industry in the two sectors of life and non-life insurance. Based on data analysis, positive and negative uncertainty shocks have different effects on premiums received. In the life insurance sector, the impact coefficients of positive shocks are reported to be 0.22 and negative shocks are -0.15, and in the non-life insurance sector, they are 0.28 and -0.19. These results indicate that increased uncertainty in economic policies leads to growth in demand and, consequently, an increase in premiums received, while a decrease in uncertainty is associated with a decrease in insurance demand. This asymmetric relationship means that the intensity of the impact of positive shocks (increased uncertainty) on premiums received is greater than that of negative shocks (decreased uncertainty). This asymmetry is more pronounced in the non-life insurance sector than in the life insurance sector due to the coverage of more diverse and shorter-term risks and higher sensitivity to economic fluctuations.

Abstract Medical insurance is known as one of the most important fields of insurance in the insurance industry. This field can be designed and implemented in a wide range of designs. Medical insurance is one of the important branches of the insurance industry, which attracts the attention of many insurers and has a very high diversity due to the difference in lifestyle, purchasing power and different needs of people. Different insurance policies with various insurance coverage obligations are designed and priced according to the needs and requests of policyholders. Since the day-by-day increase in the costs paid by people to receive medical services is considered one of the most important issues and problems in the field of healthcare in the country, insurance companies have also tried, considering the importance of this issue, by providing different and innovative plans that suit the needs of people. Provide and facilitate this need so that when an accident or illness occurs, the economy of families does not fall apart due to the high cost of medical services. But in the meantime, some violations and frauds that occur in the field of medical insurance or the non-technical rates that are included for this insurance, have caused the field of medical insurance to be considered one of the losing fields in the insurance industry and cause problems for insurance companies. According to the study, the supervisory body and insurance companies should prevent price breaks and non-technical rates of companies for sale in order to reduce the loss of this field. Due to the higher growth rate of damage compared to the growth rate of medical insurance premiums in the country, this issue has had many destructive and negative effects on the loss of the medical field and has caused a negative deviation in the performance of this insurance field.