With the promotion of insurance industry in Iran, various types of insurance services were created. However, an urgent need was felt about an institute whereby insurance with all its complications is studied and researched in depth.
With the aim of organizing insurance researches and developing a fine infrastructure for the growth of insurance industry, the first insurance research office was established in 1997. This center was organizationally under the management of Central Insurance of I.R. Iran (Insurance Supervisory and Regulatory Authority). At the end of February, 2000, the General Assembly of Central Insurance of I.R. Iran (Insurance Supervisory and Regulatory Authority) authorized the foundation of the Insurance Research Center (IRC). On May 18, 2004, the establishment of IRC was officially conceded by the Higher Education Development Council of The Ministry of Science and Technology and initially three research groups were developed in the following areas: Property and Liability Insurance, Personal Insurance, and General Studies in Insurance. The first draft of the IRC statute passed on February 6, 2004 by the Higher Education Development Council was practically in effect on March 11, 2004 by Central Insurance of I.R. Iran (Insurance Supervisory and Regulatory Authority).
In 2006, two new groups were added to IRC research body namely the e-Insurance and Islamic Studies of Insurance research groups. Since then, IRC owns five research groups. However, due to the growing demands for more tailored knowledge and expertise in the insurance industry, recently, the research groups were reconfigured and new groups have been introduced to the Ministry of Science, Research and Technology. These groups are pending official approval. If approved, IRC will comprise of the following research groups out of which the last three are new: 1. Life Insurance Research Group; 2. Property and Casualty (Non-life) Insurance Research Group; 3. Insurance Economics and Financial Research Group; 4. Insurance Management and Regulation Research Group; 5. Insurance Law Research Group.