Abstract
Until the 1950s, the insurance industry could not perform its function worthily since its foundation for growth was still fragile and potential consumers had little understanding of insurance. Political, economic and social unstability, and ongoing inflation in the country were also negative factors. In the 1960s, a breakthrough for the insurance industry came as the first five-year economic development plan was forwarded by the Government, aiming at industrialization and establishment of a self-supporting economic structure.
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