BMI View: Sanctions relief is set to boost the Iranian insurance market as rising household incomes leads to growth in life, motoring and health lines, which dominate the market. Smaller lines will also grow, but from a very low base. Sustained growth and market development will require foreign capital and expertise.

An end to sanctions - apart from US sanctions, which will continue to cause hurdles for businesses with exposure to US markets - will provide opportunities for tie-ups between local and foreign partners.

However, the state will continue to remain a significant player in the market and this could restrict opportunities for competition among privately owned insurers.