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Bimeh Iran at a Glance
Brief History Bimeh Iran at a Glance
November 06, 1935 is regarded as a memorable date in Iran's insurance industry. This occasion marks the establishment of Iran Insurance Company (Bimeh Iran) as the first-ever Iranian insurance enterprise and, thus, the founding of this country's national insurance industry.
This company started issuing policies in various branches just within a couple of weeks after being launched, concurrent with setting up its agencies in Mashhad, Shiraz, Isfahan, Hamadan, Ahvaz and Bushehr in the first year of its professional operation. Meanwhile, the newly formed company took up the initiative to extend grants and scholarships to a dozen of students of Economics and Business-related fields, aimed at being subsequently trained in insurance, in a number of credible European universities and other institutes of higher education.
Absorbing 62% of the local market share in competition with its long-established foreign rivals, increasing its retention capacity from 10% to 56% and reducing the prevailing premium rates in some branches up to 50% were among the immediate achievements scored and the urgent measures adopted by Bimeh Iran during the early years of its professional performance.
Furthermore, the effective role assumed by Bimeh Iran in introducing and promoting the basic insurance concepts granted it with a solid national and international reputation and legitimacy quite rare for a newly emerged enterprise. These are among the features widely believed to be associated with the name and emblem of this company up to the present time-despite the numerous challenges and developments unfolding in the local and international markets during the past eight decades.