The Role of the Insurance Industry in the Economic Development of Semnan Province with an Emphasis on the Performance of Alborz Insurance Company

Fatemeh Borhani¹ Seyed Mohammad mostolizadeh²

1) Master s Student in Theoretical Economics, Semnan University,
2) Assistant Professor, Department of Economics, Semnan University,

IOI Code : AAHC-ABEHCA
Publication : National Conference on Management, Commercialization, Knowledge-Based Economy and Investment for Production(impeb.ir)
Abstract :
    The present study aims to analyze the role of the insurance industry in the economic development of Semnan Province and evaluate the position of Alborz Insurance Company in this process. The research utilizes data extracted from the statistical yearbooks of the Central Insurance of Iran (2023–2024) and the findings of a prior survey conducted among branch managers of Alborz Insurance. This descriptive-analytical study examines key provincial insurance indicators (premiums written, claims paid, penetration rate, and loss ratio) across active insurers and assesses Alborz Insurance s performance in terms of financial health and technological transformation. The findings indicate that total premiums written in the province grew by 56.9%, from 22,652.6 to 35,539.3 billion IRR; however, the insurance penetration rate remained stable at 1.7%, with the gap relative to the national average persisting. The private sector s share of the provincial market increased to 75.8%. Alborz Insurance, with a favorable loss ratio of 54.81% (significantly lower than the provincial and national averages), has consolidated its position as a company with strong financial health. The analysis of the company s technological transformation reveals a positive impact of insurtech and fintech on process optimization and service delivery improvement. Alborz Insurance has successfully leveraged these technologies to modernize its operations and enhance service quality. The results suggest that despite significant quantitative growth, Semnan Province needs to strengthen insurance culture, introduce innovative products, and more effectively utilize digital technologies to convert this growth into qualitative development and increased penetration. With its technological capabilities and financial soundness, Alborz Insurance can play a key role in this process.

Keywords : insurance industry economic development semnan province alborz insurance modern insurance technologies