Evaluation of Iraqi Insurance Market

Authors: Dr. Aziz Ahmadzadeh, Vahideh Nourani, Fatemeh Azadbakht, Amir Bahrami, Dr. Noban Fashandi, and Ehsan Barin

Coordinator: Insurance Law Research Group


There is a viable environment to expand business activities among Iran and Iraq. It is because of the large number of Iranians who are living in or traveling to Iraq, same cultural and religious patterns in both countries, and also political supports of Iran’s government to Iraq’s government. These all make a perfect background to increase business trades between the two countries. In such a way, the insurance industry is one of the upleft sectors to increase business trades. This research project focuses on the recognition of Iraqi insurance market as a demanding environment to receive insurance services from Iran.

First, based on the available documents and interviews with the experts, some general information about Iraq has been explained and also country risk of Iraq has been analyzed. Then, insurance industry’s structure in Iraq has been evaluated, which consists of laws, rules, and regulations, supervisory authority, and also major players in this industry. Then, Iraqi insurance market, history of Iranian Insurance Industry’s activities in Iraq, and also development prospect of Iranian insurers’ activities in Iraq have been investigated. Finally, Iraq Insurance Law and also some of the related circulars and laws translated to Persian and added to this research as appendices 2 to 10, to clarify insurance activity environment for the Iranian insures in Iraq. Because of some reasons like war and insecurities, high degree of existing risks in Iraq, and similar risks, most of the insurers haven’t initiated their activities in Iraq. But, based on the results of the current research, it can be concluded that Iraqi insurance market is intact and has high potential for supplying insurance services.

Iraqi insurance requirements’ at the time of political stability and sustainable security (like the situation we had seen in Kurdistan region before) are different from their insurance requirements’ at the time of insecurity, escalation of terrorism or civil war, and situations like today. So, the insurer who likes to have services in Iraq must have the ability to recognize and separate these insurance requirements’ and present his services in any situation, any time.

Generally, we can say that at the time of sustainable security, potential benefit and selling of insurance coverage related to economic activities (property and liability insurance) is higher, and at the time of insecurity, potential benefit and selling of personal insurance (life and health) and social insurance is higher.

It is important to know that according to Iraq’s oil revenue and its redistribution in various ways among the Iraqis’, in cases which insurers present good services related to insurance necessities, the people has the power to purchase insurance; also, different types of health insurance and some types of life insurance has been present in the form of group insurance by contracting among principles and insured agents of public sector, based on Iraqi administrative structures. Of course, this needs to set-up some structures and administrative arrangements by insurers, and Iranian insures’ cooperation in this way could be successful. Overall, prior to the performed research project, there are some recommendations listed below which makes the role of Iranian insurance industry more powerful and more effective to sell and present insurance services in Iraqi insurance market:

  1. It is recommended that Iran’s insurance industry design a model of cooperation in the form a comprehensive strategic plan for short-mid-long term in the form of cooperation, consortium or behavioral coordination, to sell and present insurance services in Iraq. Every insurer, in the form of group cooperation, can do a specific part of such plan (which is an export development program of insurance services) to make the plan achieve its goals.
  2. A strategic plan shall have the listed features below:
    1. Flexibility of the plan, prior to various situations of security in Iraq at various times.
    2. The plan shall consider different scenarios of the activity of the Iranian insurers; from setting-up a branch or a direct agency, to establishment of coverage companies, etc. Also, it shall consider the potential of native features of Iraq to increase Iran’s influence in this country, especially in the fields like compensating payment for losses and evaluating losses, granting sales agencies, or presenting compensating services.
  3. Prior to the risk management mechanism of the insurance companies and the need of reinsurance transfer of accepted risks portfolios by direct insurance companies, it is necessary that the Central Insurance of Iran (Insurance Regulatory and Supervisory Authority), both as a supervisory authority and as the main reinsurance organization in Iran, take necessary measures to make sure that the accepted risks in the Iraqi insurance market in the context of insurance principles have the ability to accept for reinsurance services.
  4. Based on the fact that Kurdistan region has more security than the Central Iraq, it is recommended to the Iranian insurers, who want to enter the Iraqi insurance market, initiate their activities in this region, which has less risks and more standards compared to the other areas in Iraq. After that, whenever Iranian insurers get more familiar with the political, cultural, economic, and social situation in Iraq, then they can spread and expand their works in the other parts of Iraq, by establishing new branches and agencies in various cities, and so, they can increase their share of the market and stabilize their presence in this market.
  5. Iraqi insurance law and some of the related regulations alongside with the Investment Law in the Iraqi Kurdistan Region have been translated to Farsi and appended to the research. They provide a good starting point for the Iranian insurers in order to develop an sort of insurance activity in Iraqi insurance market.

Keywords: Iraqi Insurance Market, Kurdistan Region, Insurance Marketing, Market Research

The Scale and Limit of the Regulatory Authority Intervention in Formulating General Terms and Conditions of Insurance Policies

Authors: Dr. Leili Niakan, Dr. Mahboobe Aalaei, Ms Safamanesh

Coordinator: Life Insurance Research Group


According to the nature of insurance industry, regulation is vital. Rules-based regulation is basically a list of detailed rules that must be followed by insurers and principles-based regulation uses a broad set of principles of conduct set out by the regulator. Forms and terms of policies are the main elements of policies that must be regulated.

In this survey, the experiences of selected insurance industries in the world have been analyzed. Then by the help of insurance experts, some criteria for determining which regulating way is suitable for which line of insurance, have been introduced.

Key Words: Regulatory Authority, General Terms and Conditions, Insurance Policies.

Investigation of Public Trust in Commercial Insurance

Authors: Dr. Ebrahim Abbasi, Seyed Mousa Mousavi Moradi, Dr. Nasrin Hozarmoqadam

Coordinator: Insurance Management and Regulation Research Group


The main purpose of the current study is to investigate the amount of public trust in commercial insurance industry. It is considered as applied, descriptive, and survey research based on its goal, nature and methodology, respectively. The field data of the current study were collected based on the sampling and questionnaire. The study is considered as quantitative research on the basis of the kind of data gathered. The data were analyzed utilizing the statistical data analysis method. The research population included all the Tehran residents who were 18 years old or more. Firstly, the sample size was determined utilizing Morgan Table and the population volume of 384 members increased to 500 members in order to enhance the research quality. The estimated sample size was divided into the population living in 22 districts of Tehran using Stratified Sampling Method. The model presented by Mayer et al. (1995) includes three characteristics of ability, integrity and benevolence was used to examine the public trust.

At the time of filling out the questionnaires, 45.8% of the statistical populations were indemnified and 53.8% were not. Among the whole statistical population under study, 17% were able to distinguish between the social and commercial insurance and 82.2% were able to understand the issue. 0.8% of the subjects did not specify any social or commercial insurance. The mean of public trust index in insurance industry indicated that the public trust in the capability of insurance industry index, trust in benevolence index of insurance industry, and the integrity index of insurance industry were 3.02, 2.82 and 2.85 respectively. That is, people have more trust in the capability than benevolence and integrity of the insurance industry. The trust mean index was 2.9 which was an acceptable figure compared with related studies in other countries and industries. The public trust mean indexes in insurance industry according to the insurance companies and the regulatory authority indicated that the public trust in the insurance companies’ capabilities was more than their trust in Central Insurance of I.R Iran (Insurance Regulatory and Supervisory Authority). In spite of the capability index in regard of the trust in benevolence, the trust in Central Insurance of I.R Iran was more than that of the insurance companies. The public consider both somehow equally bounding to the regulation and contracts. In regard of the importance of individual versus organizational trust, it should be mentioned that this index is equal to 3.2 which is more than average and it indicates that the trust mean among women (3.07) and men (2.08) are different and women gained the higher one. Also, those who were between 27 - 35 years old gained a mean equal to 2.77, which is a lower trust level in commercial insurances when compared with other age ranges. 

Key Words: Public Trust, Commercial Insurance, Benevolence, Ability, Integrity

Devising Insurance Research Center (IRC) Strategic Plan Based on Central Insurance of I.R Iran Strategic Plan

Authors: Dr. Mehdi Haghighi Kafash, Seyed Mousa Mousavi Moradi

Coordinator: Insurance Management and Regulation Research Group


During 2015, Insurance Research Center (IRC) approved a research project to formulate its strategic plan. The IRC strategic plan is designed investigating the upstream documents like the Central Insurance of I.R Iran strategic plan and other related upstream documents also the external opportunities and threats beside the internal strengths and weaknesses. In this plan, the insurance industry challenges have been specifically discussed and attended. It is created based on the viewpoints of strategy and insurance industry experts and includes some parts regarding the IRC mission and vision, beliefs and the fundamental basis of IRC, strategic goals and their details, and some necessary prerequisites to develop research studies in the insurance industry of Iran.

Key Words: Insurance Research Center (IRC), Mission Statement, Vision, Goal, Strategy

Business Operation of Insurance Operators in Selected Countries with an Emphasis on Commission Fee

Authors: Sajad Janat Babaei, Dr. Leili Niakan, Mojtaba Abed

Coordinator: Life Insurance Research Group


This study was an attempt to analyze the legal framework pertaining to these operators' activities in several countries and to identify the sources of the concerning commission fees. Finally, the study includes a concise section dedicated to the findings regarding the legal procedures of the insurance operation license issuance.

According to this report, the legal framework for the activity of the insurance operators is illustrated based on the newly passed Bylaw 92 and the differences between the Article 2 of the same bylaw with that of the previous one (Bylaw 6). The legal procedure for the registration of insurance business operation is also explicated in the study.

With regard to the above mentioned issues, the insurers' status in other countries such as India, Australia, Hong Kong, Singapore, and Malaysia are also compared and investigated. Finally, this research project ends with this concluding remark:

With regard to the experiences of the selected countries based on the insurance business operators, our response to the question raised in this study is that the commission fees of the active insurance operators are paid by the insurance industry itself i.e. by the insurance companies.

Key Words: Business Operation, Insurance Operators, Commission Fee.

The Structure of the Insurance Markets in Insurance Industry: Competition and Monopoly

Authors: Dr. Leili Niakan, Dr. Nasrin Hozarmoghadam, Sajad Darzi Ramandi, Ms. Safamanesh

Coordinator: Life Insurance Research Group


The structure, function, and the efficiency of the insurance market, have played important roles in the development of the industry and economy of many countries. This study aimed to investigate the competitive and monopoly in Iran's insurance market.

Using 14-year period data between the years 2001 to 2015, this study is deemed as an applied research that was carried out in Iran's Insurance Industry.

Results in different years are indicative of the effective monopoly in the insurance market of Iran.

Four main companies (namely Iran, Asia, Alborz and Dana) in the industry have an increasing share of the market dominance. Also, until 2003, these four dominant companies had no rival and market demand since the services of these firms are inelastic. Concentration in the market is so high that one firm (Iran Insurance Company) has had more than 50 percent of the share of the market.

Key Words: Structure of the Insurance Markets, Competition, Monopoly.

Quantitative and Qualitative Analysis of the Insurance Penetration Ratio of the Iranian Insurance Industry in 2014

Coordinator: Insurance Economics and Financial Research Group


Insurance penetration ratio is one of the major assessment indices of an insurance industry performance while compared with the national economy. The quantitative and qualitative analyses of the present study are grounded on the official publication of the statistics pertaining to the insurance penetration ratio between 2011 up to 2014.

In 2014, the nominal penetration ratio of the insurance industry was 1.86. At the same time, the life insurance share of the GDP was estimated 0.19 and the penetration ratio of non-life insurances was 1.67. In the previous years, 2013, 2012, and 2011, the nominal penetration ratio of the insurance industry was 1.72, 1.849, and 1.378, the share of life lines was 0.157%, 0.145%, and 0.110% and the share of non-life insurances was 1.563%, 1.704%, and 1.268% respectively.

The real penetration ratio in 2014 was .62% and .50% in 2013, .57% in 2012, and 1.38 in 2011.

The difference between non-life insurance penetration ratios in Iran and the global average was estimated 2.5 in 2002 and this figure was reduced to 1.03 in 2014. Yet, in 2002, the difference in life insurance penetration ratios in Iran and the global average was 4.68 and this figure was reduced to 3.21 in 2014. The latter figure indicates that the difference between non-life insurance penetration ratios between Iran and the global average is much lower than the difference observed in life insurances penetration ratios between Iran and the world. In other words, Iran's life insurance penetration ratio has not been able to reduce its distance from the world but this is not true in the case of non-life insurances. The reason is due to the lack of development in life insurances in the Iranian society.

According to the present report, in 2014, the social insurance penetration ratio was 9.123. Since the social insurances are non-profit in nature and compulsory, when compared to commercial insurance, the share of the former in income absorption is more than the latter.

Based on the measurements of the Central Bank of I. R. Iran, in 2013, the added-value by the insurance industry was IRR 10143 billion. This figure in 2014 was IRR 38358 billion. While the added-value of the insurance industry in 2014 was more than the previous year, the share of the added-value by the insurance industry in 2014 was less than 2012. It seems that although the added-value of the insurance industry in 2014 is more than 2012, the growth of GDP in 2014 is comparably faster than the added-value of the insurance industry in the same period. In 2013, the added-value of the insurance industry when compared with the total economy of the country was 0.108% and in 2014, 0.35%. 

The recovered performance of the insurance industry in 2014 when compared with the previous year can be justified by three reasons: the insurance penetration ratio, the real insurance penetration ratio, and the value-added share of the insurance industry in relation to the total value-added (nominal and real) of Iran's economy.

Keywords: Insurance Penetration Ratio, Quantitative and Qualitative Analysis, Life and Non-Life Insurance Penetration Ratios

Study of Consultation Proposal Forms in Cargo Insurance

Author: Zahra Bardal

Coordinator: Property and Casualty (Non-life) Insurance Research Group


Cargo insurance is among the oldest types of insurance. Since transportation industry faces different risks threatening the delivery of goods, it is essential to consider cargo insurance. In this study, we identified factors affecting ratemaking in cargo insurance through collecting and analyzing experimental data from 9 countries including United States, Switzerland, England, Australia, Singapore, Maldives, China, Japan, India and investigated theoretical frameworks and clauses Total Loss, C, B, A.

The risks were grouped into four sections: (1) risks associated with vehicles, (2) risks associated with loads (3) risks associated with human factors and (4) other factors.

According to information obtained from five consultation proposal forms (ideal, import-export, external applicable, internal applicable and the translation of two forms of ideal and applicable import – export into English).

The project aims to design forms enabling insurers to use the information and provide appropriate proposal forms in accordance with the company coverage.

Keywords: Proposal Form, Cargo Insurance, Risk Factor

Technical Reserves of Insurance Entities: Review and Recommendation

Authors: Fatemeh Atatalab, Dr. Ahmad Reza Ansari

Coordinator: Insurance Economics and Financial Research Group


The core enquiry about which this research project was missioned to study was "what processes and procedures are required to be employed to have a technical reserve calculations tailored based on the conditions of the insurance industry of the country?" Another core question of the research was also regarding the most appropriate standard reserving models and techniques to be chosen for the current status of the industry.

The present study not only deals with the existing reserving model utilized in Iran but also provides detail analysis of the global experiences in the realm of technical reserves and review the actuarial literature on the standard models pertaining to the calculation of technical reserves both in life and non-life insurances. With regard to the global model, the international standard reporting methods, the existing approaches to reporting, and the present test models are analyzed against the statistical data in Sanhab System and the emerging framework is used to later amend Bylaw 58.

The study also includes the following subjects: contradiction with the accounting standard No. 28, significant consecutive deduction in technical reserves with regard to the reports by Auditing Authority, Financial Supervision Department, ceasing to offer any standard method or model for technical reserve estimation, lack of required procedures for supervising technical reserves of the firms, lack of transparency and accuracy in statistical data pertaining to technical reserves of insurance firms' balance sheets that the latter will result in the violation of insurers and stakeholders' lefts.

Keywords: Technical Reserves, Standard Reserving Models, Global Model, Amendment of Law 58.

Auto Insurance General Terms (Collision): Reviews and Recommendations

Coordinator: Property and Casualty (Non-life) Insurance Research Group


This study provides solutions for insurers, dealing with auto collision coverage, through investigating and analyzing insurance general conditions in Iran and other countries. To achieve this goal, 8 prominent insurance companies are selected from different countries, their general conditions of collision insurance are studied and the corresponding remarkable points are explored.

The study is organized into 4 sections as follows:

Section 1 contains the introduction of the project and reveals the steps of the research process. In Section 2, we study insurance general conditions of other countries and cover topics of  geographical territory, authorized driver,  excess, No-claim discount, general exclusions, claims, cancellation, arbitration, new car replacement, fraud, policy changes, total loss claims, suspending cover, additional benefits, care of insured vehicle, servicing or repairing. Results show that in the most countries, driver's characteristics are important factors affecting premium rates. Policyholders are to disclose in the proposal form fully and faithfully all the facts which he/she knows or ought to knows. Furthermore this section discusses:

  •  Excess for young /inexperienced drivers to encourage them taking extra precautions while driving;
  • Claims reported immediately after the incident;
  • Administrative cost reductions in addition to the premium while the policy is in effect;
  • No compensation for damage to tiers unless other parts of the car are also damaged in the same incident.           

Section 3 overviews the structure of general conditions under Bylaw No. 53 and presents suggestions to be employed by managers and decision-makers. At the end of this section we provide the proposed guideline on auto insurance general conditions organized into six chapters namely “Overview”, “Insured’s Duties and Obligations”, “Insurer’s Duties and Obligations”, “Cancellation and Termination of Insurance Policies”, “ Method of Determining the Extent of Damages and Payment” and “Other Provisions and Reasons in Support of the Guideline”. Finally in Section 4, the Bylaw No. 53 is compared with the IRC proposed guideline. The guideline aims to eliminate the existing shortcomings of the Bylaw No. 53 and protect policyholder lefts.

Keywords: General condition, Authorized Driver, General Exclusion, Claim Condition.

Study of Structures and Functions of Insurance Supervisors in Selected Countries and Providing Practical Solutions In Order To Improve the Structure and Function of the Central Insurance of Iran

Authors: Fatemeh Atatalab, Dr Ahmad Reza Ansari

Coordinator: Property and Casualty (Non-life) Insurance Research Group


A study conducted within the Insurance Research Center (IRC), by the expert group titled “Structure and Functionality of Supervisory Authority” on the subject: “Study of Structures and Functions of insurance supervisors in selected countries and providing practical solutions in order to improve the structure and function of the central insurance of Iran”. This expert group is one of the 3 expert groups involved in the Insurance Development project in the country.

In this study, first, a list of certain questions was prepared to explore the structure and functionality of the supervisors from different aspects.  Furthermore the research group provided clear and reliable answers to the corresponding questions based on the global experience.

Therefore, in order to obtain brief and comprehensive answers, the study was conducted at 2 levels: (a) principles, (b) applications

Concerning level (a), first we studied IAIS Insurance Core Principle (ICP) 1, 2, 11, 12, 25 and 26. Second, all the relevant rules and regulations in Iran were extracted in order to be applied. At level (b), Section 1 contains the study of obligatory reinsurance in 77 countries. This section covers topics of "Percentage for Reinsurance Cessions"," Number of Obligatory Reinsurers", "Process of Eliminating Obligatory Reinsurance"," Responsibility of Reinsurance Companies to  carry out compulsory reinsurance" and " cession limits".

In Section 2, we studied the structure and functionality of Insurance supervisor in Iran and 11 selected countries. This section covers topics of " supervisors duties", "general structure of the financial regulatory authorities ", "organizational structure of insurance supervisory authority ", "number of insurance supervisory authorities", the supervisory authority in terms of public, private or NGO", "organizational position", ", "training", "operational independence ", " funding", " the supervisory authority in terms of insurance supervisor or financial supervisor" and " enforcement". In section 3, we studied policyholder protection schemes. In this section we covered:

- Policyholder protection schemes in 19 developed countries,

-  IAIS approach to policyholder protection and funding mechanisms. 

Finally, practical solutions were presented in order to improve the structure and functionality of the Central Insurance of Iran (Insurance Regulatory and Supervisory Authority).

Keywords: Regulator, Insurance Core Principle, Obligatory Reinsurance, Organizational Position, Operational Independence, Enforcement.

Prioritized Deliberations of the Insurance Supervisory Authority

Coordinator: Property and Casualty (Non-life) Insurance Research Group


The project is one of the eighth research project plans of the Ministry of Economic and Financial Affairs and considered as part of the insurance promotion plans in the country according to a report by PRIOA, IRC. In this project, it is initially attempted to explore the structure and functions of the supervisory authority from various dimensions. For this reason, several subject areas were investigated such as IAIS approach, Iran’s current status pertaining to the basic principles of insurance, relevant laws, regulations, bylaws and statures, and some statements from the Deputies of Central Insurance of I.R. Iran.

The report also mentions that the major study areas of this project are as follows: operational independence, supervisory authority structure, supervisory authority mandates in monitoring process of insurance firms’ performances, the major pivots in the supervisory authority duties on monitoring insurance firms’ performances, keeping relationship with the executive and jurisdiction officials, terms and preconditions for an efficient and effective supervision, internal management processes for ensuring integrity in supervisory measures, instances of dismissal of supervisory authority’s decision by governmental officials, the legal power of the supervisory authority to allocate its own budget.

Other themes were explored in this study as well: criteria for revising supervisory processes, the process of requesting revision to the supervisory decision, discharge and appointment of the president and senior officials of the supervisory authority, regulations pertaining to the disclosure of problematic insurers, regulations pertaining to the supervisory officials that are included in the conflict of interest law, the employment system for foreign experts, and assessment of third party eligibility for outsourced supervisory performances.

The project is ended with recommendations that will help enhance the structure and functions of Central Insurance of I.R. Iran. 

Supervisory independence, Supervisory Function, Supervisory Relation, Supervisory Authority, Regulatory, icp1, icp2, icp3.

Study of the Capital and Deposits of Insurance Firms

Authors: Mahnaz Manteqipour, Azin sadat Ostadramezan, Mahbubeh Alayi

Coordinator: Property and Casualty (Non-life) Insurance Research Group


In this study, we investigated the minimum capital required to establish and start an insurance company in Iran. Recently, about 4 years ago, the value of the minimum capital requirement has been increased significantly and therefore is heavily debated and criticized. We have conducted a comparative study, as our research method, to analyze these values. To achieve this goal, we compared rules pertinent to the capital of Iranian insurance companies, with regulations of 40 foreign countries (including solvency and deposit directives).

At first glance, the minimum capital required to establish insurance company in Iran seems high, compared to other countries. But in Iran only 50% of the minimum capital has to be paid in advance and the remaining amount can be paid at most in 5 years. The firm founders are supposed to undertake 20% of the total capital. Therefore, the value of the minimum capital is not a barrier to the presence of new insures. In addition, although there is no rule on deposits, insurance companies provide their solvency reports annually to the Central Insurance of Iran (Insurance Regulatory and Supervisory Authority).

The main outcome of the research was that countries with lower value of minimum capital requirements treat companies with more accurate and strict rules. Therefore, the research suggests increasing precision in solvency rules and extending the deadline of the capital increase for companies already established.

Keywords: Minimum Capital Requirement, Deposit, Solvency Ratio

Study of Consultation Proposal Forms in Auto Insurance

Author: Azadeh Bahador

Coordinator: Property and Casualty (Non-life) Insurance Research Group


This research aims to provide advice to insurers in order to enable them to prepare and design proposal forms in accordance with covers and services that are offered by companies. Based on the study of theoretical foundations and experience of 19 different countries: USA, Canada, Switzerland, Germany, France, Spain, Denmark, England, Italy, Belgium, Finland, Austria, the Netherlands, Ireland, Norway, Greece, Luxembourg, Portugal and Sweden, risk factors and effective components in calculating auto insurance premiums were identified and categorized into three major groups namely drivers’ characteristics, car features and the use of car.

Obviously, due to existing executive, operational and cultural obstacles in the country, it is not practical to include all factors, identified in this study, in car insurance proposal forms. However, at its best the research provided a complete list of factors, discussed in other countries, so that insurers can refer to it paltry or as a whole designing their consultation proposal forms.

Keywords: Risk Factor, Auto Insurance, Proposal Form

Study of Consultation Proposal Forms in Fire Insurance

Author: Azadeh Bahador

Coordinator: Property and Casualty (Non-life) Insurance Research Group


This research aims to provide advice to insurers in order to enable them to prepare and design proposal forms in accordance with covers and services that are offered by companies. We have identified and derived risk factors and components affecting fire insurance premium based on theoretical frameworks and the experience of 10 different countries in the world namely USA, Canada, UK, Germany, France, Italy, Turkey, Japan, India and UAE. These factors are categorized into ten major groups as follows:

Building Attributes, machinery, industrial and manufacturing activities, installations, flammable liquids, tanks of flammable liquids, risk management, equipment and facility safety, warehouses and past loss records.

Currently in Iran, the fire insurance is commonly classified into 3 categories; (1) industrial units, (2) residential units and (3) non-industrial units and warehouses. While proposal forms of non-industrial units and warehouses are similar, there are risks associated with only warehouses and do not exist in non-industrial units. Therefore, the other outcome of the research is the application of the fire insurance proposal forms in non-industrial centers, residential buildings and warehouses.

Keywords: Risk Factor, Fire Insurance, Proposal Forms

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