Iraqi Insurance: Compensation 2018 exceeded 34 billion dinars

[yota691]

Consensus on the need to raise awareness of insurance

04/3/2018 12:00 am  At a conference all his experts specialize  Baghdad / Hussein Thaghb   Mustafa al-Hashemi  The insurance sector, which is complementary to the financial sector alongside the banks and the stock exchange, gives the economy the strength necessary to carry out its various activities. Iraq is a pioneer in this field since the middle of the last century.  The Iraqi Insurance Conference was organized yesterday under the auspices of the Ministry of Finance, the Financial Insurance Board and the insurance companies operating in Iraq.  Experienced  Central Bank Governor Dr. Ali Alaq said: "It is necessary to work on reviving the insurance sector in Iraq," pointing out that "the sector has been a pioneer in the region since the fifties of the last century and generations of people with experience and practices in the work," the structure of insurance  "During the period from 1991 to 2012, the Central Bank of Iraq supervised the activity of insurance companies," noting that "one of the things that can promote this sector is the restructuring of the insurance sector, both government and private, and that the conditions of age can contribute to the movement of this sector, Expressing "the hope that this forum will succeed." A state of integration , in turn, Undersecretary of the Ministry of Finance Maher Hammad Johanne that " the problems of insurance companies can be solved through the revision of legislation to suit national experiences , " stressing "that there should be a state of integration between operating companies, where he was as much a case of competition must There is a possibility of cooperation. " For his part, the head of the Insurance Bureau Ahmed Abdul Jalil said: "Insurance is an ideal way to protect property alongside individuals and family, and that insurance is a global industry and is an important tool of savings and investment and the fight against poverty." Abdul Jalil pointed out that "the need for legislation to encourage the marketing of insurance goods and services, adding that" the weakness of allocations in the investment budget damaged the work of the insurance sector. " Coverage of the notification expert financial affairs Haider Kazem al-Baghdadi urged" to spread the culture of insurance and oblige all importers and producers limit Lower than the insurance to cover the dangers, and this will at least reduce the importation of indiscriminate through the practice of importing abkhaz of goods for the purpose of competing with the domestic product and this is what we touch in our markets. So insurance importer a reasonable amount with insurance on their reserves to cover many accidents , the most important of fire or theft helps to tame the import and marketing to be balanced with the importer that comes to cover real demand and not to compete with a local product to destroy dumping commodity comes permeated the conference organizing a special exhibition of insurance companies Iraqi public And private. Efforts of the two sectors "The insurance in Iraq was not at the level of ambition," said Raghad Nabil al-Alusi, executive director of Zain Islamic Bank of Iraq. "It needs to do all its activities and the public and private sectors join forces to raise insurance awareness in Iraq."  He pointed out that "the communication with the various media raise awareness of the total in Iraq is a necessity, and must be ongoing campaigns to deliver the importance of insurance in all areas of life, both in the national economy or the economy of the population," noting that "the proportion of risks in Iraq needs insurance capabilities Commensurate with them and provide the appropriate insurance coverage. " Economic operations Chairman of the Chamber of Industry and Trade of Iraq - British Sami Kashkol between "Insurance is an important link in the process of economic development, and represents the insurance companies Razin is an important center in providing the full coverage of the overall economic operations of a country awaits the future of large work in the need for a field of insurance with international standards. The integration of the head of the Iraqi-Indian Chamber of Commerce, Mohammed Abdul Sattar al-Baghdadi, that "the insurance achieves the integration of the pillars of the financial sector consisting of banks and insurance stock market, where requires the need to activate the reality of insurance to achieve integration so that we can create a financial sector able to support the national economy and the activation of all its joints" . He pointed out that "the revitalization of the reality of insurance activates the economy and gives the moral strength of the productive and urban activities in particular, where it requires the existence of a supportive force supportive of the national economy." Takaful insurance "Insurance or insurance is a means of dealing with the risks to which a person is exposed in his or her life during his or her lifetime in order to mitigate the burden, which is achieved through the participation of people exposed to the same danger in the face of the effects that result from achieving it," said Ahsan Sadiq Al-Shammari. "  He explained that "Takaful insurance practiced by Islamic insurance companies is based on the contracts of contributions based on the cooperation of the public among the tenants among themselves to reparation damage that affects one of them and they are partners in the clouds and sheep." Agency contract He pointed out that "under this type of insurance there is an agency contract is the insurance company to manage the insurance operations and insurance funds on behalf of the insurance business and the insured themselves and a fee known, because the large number of insured and can not manage insurance by them had to take the management of insurance operations another specialized body Its mission is to accept the membership of the insured and to meet the insurance premiums and pay compensation to the affected according to the foundations and standards and specific scientific and technical method is accurate and this body is the insurance company, it is a contract of donations and not a contract of   compensation. This is the type of insurance that deals with the problems resulting from extreme poverty, unemployment and illiteracy and low growth rates through the distribution of this type of insurance, as well as it works to support projects supporting the increase of production and productive sectors, especially in industry, agriculture and other areas and reduce rates of import and work to support local exports reaching the profits of insurance companies in the United Arab Emirates AED 1.4 billion in   2017. the successful experiences of executive director of the Association of Iraqi bankers Silwan Nouri "a D insurance in Iraq is absent, and here comes the role of public and private insurance companies, which must adopt a perfect marketing mechanism, and if she could have been affected the use of successful experiences and the transfer of market - based mechanisms there. " Al-Nuri said that "Iraq has great experience in the field of insurance and we can invest in creating local competencies empowered through their involvement in intensive training courses in managing local expertise, which is one of the oldest expertise in this field in the   Arab world." Sustainable development of the relevant economic affairs Ahmed Al - Attar said: " The conference comes to fueling the ideas process occupies its place in an economy that seeks to develop a sustainable and is outside of the highly centralized ended phase and have insurance one of the most prominent their instruments is certainly a national insurance has a wealth of experience to activate the service of our economy , which swap streams It was and still inhibitory  him ".ocd the need to" secure global mechanisms applied by local our companies, where he believes the materials from the country of origin and access to Iraq for all stages. He pointed out that it is important to have insurance companies integrated examination and transport to reach the target markets, and we in Iraq because of the need for insurance for the existence of high risk rates, "the importance that we have mandatory insurance in line with the actual need for   it.

[yota691]

Call to be 2018 years of insurance

07/3/2018 12:00 am    Baghdad / Mustafa Hashemi  called the adviser to the Ministry of Finance d. Kamal al-Basri to be the year 2018 years of Iraqi insurance. He added in a statement to the "morning", on the sidelines of the Iraqi Insurance Conference, which was held last Saturday in the presence of senior officials and economic concerns, "There are efforts to meet with representatives of insurance companies in Iraq soon to complete a paper for insurance includes providing all necessary to promote the insurance In order to adopt them to support the success of the work of insurance companies. " Al-Basri confirmed that this meeting will be held, and expressed the hope that it will be during this month. And started on the third of this month the Iraqi insurance conference and exhibition to discuss the mechanisms of contribution of Iraqi insurance companies in the economic process and its role in covering the insurance risks for projects required by the current stage. "The conference provided a dialogue session between experts and specialists in the field of insurance to discuss the opportunities and discuss overcoming the obstacles facing companies in order to put them before the decision makers and those who maintain the file economy," said Suhad Al-Fartousi, director of the Center for Youth and Community Development, organizer of the conference and exhibition. Iraq".  The insurance sector in Iraq represents three government insurance companies, namely the National Insurance Company, the Iraqi Insurance Company and the Reinsurance Company, along with 29 insurance companies and two branches of foreign insurance companies. Al-Fartousi stressed that "the effectiveness received the attention of officials, noting that" the meeting discussed the importance of insurance and its benefits to society, as well as the introduction of new ideas aimed at developing the reality of insurance in Iraq, "She added that" the attendees discussed international examples and experiences, as well as discuss the most important ways and means to pay Citizen to seek asylum after years of estrangement. " The recommendations of the conference are still being finalized for approval by all insurance companies operating in Iraq.

[yota691]

Finance plans to prepare insurance paper

08:33 - 07/03/2018

 

  

LOGO

Information / Baghdad ..

Announced the adviser to the Ministry of Finance Kamal al-Basri, on Wednesday, the near completion of a paper on insurance, calling for the year 2018 to be the year of Iraqi insurance.

"There are efforts to meet representatives of the insurance companies in Iraq soon to complete an insurance paper that will provide all necessary to improve the insurance policy in order to adopt them in order to support the success of the work of insurance companies," Basri said in a statement published by the official newspaper "Al Sabah".

Called the optical to be "the year 2018 years of Iraqi insurance," and expressed the hope to hold the meeting during this month of March.

And started on the third of this month the Iraqi insurance conference and exhibition to discuss the mechanisms of contribution of Iraqi insurance companies in the economic process and its role in covering the insurance risks for projects required by the current stage. Ending / 25

[nannab]

I could not even imagine the premiums over there! They are talking about auto,home and life right? 

[danielchu]

THEY wait for half hour after a wreck to see if allaha takes you .. not sure INSURANCE is needed ! 

[3n1]

51 minutes ago, nannab said:

I could not even imagine the premiums over there! They are talking about auto,home and life right? 

agree , blowin stuff up is not as bad as when maliki was PM , not sure if its for company's or personal dont even see how anyone other than a company could afford more taxation or insurance at this time ... we wait   

[10 YEARS LATER]

3 hours ago, danielchu said:

THEY wait for half hour after a wreck to see if allaha takes you .. not sure INSURANCE is needed ! 

True DAT !

[nannab]

3 hours ago, 3n1 said:

agree , blowin stuff up is not as bad as when maliki was PM , not sure if its for company's or personal dont even see how anyone other than a company could afford more taxation or insurance at this time ... we wait   

 

15 minutes ago, 10 YEARS LATER said:

True DAT !

 

4 hours ago, danielchu said:

THEY wait for half hour after a wreck to see if allaha takes you .. not sure INSURANCE is needed ! 

 

Or if they are going to offer a bundle deal, Ya know drive the car into the attached garage if Allah does show up

beneficiary is covered home auto and life.  We are getting nuttier by the minute.

[Integrativedoc]

That's just what they need!!!!!   Insurance companies and lawyers!

[10 YEARS LATER]

6 hours ago, nannab said:

 

 

 

Or if they are going to offer a bundle deal, Ya know drive the car into the attached garage if Allah does show up

beneficiary is covered home auto and life.  We are getting nuttier by the minute.

 

If Bundling is what they need  . . .  better send for Flo & Progressive Insurance for ALL their Bundling needs    YEP . . . we're nuttier than Squirrel Turds !

[WheresmyRV?]

How about having a consensus on raising their value of their currency!

[yota691]

Government insurers seek credit rating

26/3/2018 12:00 am  Baghdad / Mustafa Al Hashemi The National Insurance Company has announced a relationship between insurance premiums in government companies and property  Tax.  "The citizen who has insurance premiums of 5 million dinars is exempted from a tax of 5 million dinars, and this is a good thing and positive," said General Manager Haifa Chamoun.  "There is a partnership with government banks (Rafidain, Rashid and Iraqi for trade and industry) to secure all loans, especially development ones, in addition to our attempts to grant life insurance coverage for borrowers according to the requirements and conditions provided by the three parties (Borrower - the bank - the  insurance company ). The presence of an actor confirmed Shimon that " the payment of compensation by the public and private insurers evidence that the insurance sector is present and active," noting that "there are efforts and attempts to expand insurance business through our representatives and our producers to state departments, as well as the establishment of seminars in universities to define an important segment Insurance sector ". "There is a significant increase in the insurance portfolio against the dangers of fire," noting that "there is a trade with all the provinces are applying for this type of insurance, especially after they know the amounts of compensation paid by government companies," asserting that " About twice the amount of compensation paid to this document  , and that the majority of traders are insured by insurance companies aware of the importance of   it.  Excellent experiences  and followed that "insurance companies generally has excellent experiences of insurance cadres and the economic situation need to raise awareness about the importance of the subject of insurance and its role in the economic process, noting that there are efforts to spread the vigorous awareness of insurance." "The need to communicate with investment bodies and committees through the Insurance Bureau and the Ministry of Finance, which will highlight the importance of insurance on investment projects, especially as we live in the reconstruction phase of  liberated cities  ."  Global classification  Shimon revealed the "lack of insurance companies in Iraq to a global credit classification because the classification needs to certain requirements are available to government companies, but not properly studied," asserting "a real trend to get this classification through the Ministry of Planning," indicating that "access A degree of classification qualify us to define the world our potential to open the door to insurance on major investment projects inside and outside Iraq. " The Director General of the company to re-work in the branch of Nineveh, the company after the liberation of the province of "Daash"

[yota691]

Opening of the National Insurance Office in Diwaniyah

24/4/2018 12:00 am  Baghdad / Mustafa Al Hashemi  The National Insurance Company, one of the companies of the Ministry of Finance opened an office in the city of Diwaniyah in the framework of increasing awareness of insurance in Iraq.  "The company supports these efforts aimed at raising awareness among citizens, which would serve their economy and ensure that they receive compensation for the events or risks they are insurance against," said Ali Abdel Karim, the company's spokesman. Company ".  "The inauguration of the Diwaniyah office is in line with the awareness raising and public awareness of the services offered by the company through the issuance of insurance policies to government departments, institutions and individuals alike."  He pointed out that "the general manager of the company blessed the efforts of the staff of the Office, calling them to provide the best that would be of great benefit to the economy of the country." The National Insurance Company owns 11 central and 13 branches, including 5 geographical branches, which are connected to 29 geographical offices covering all governorates of Iraq except the Kurdistan region, as well as having 10 border offices that provide compulsory insurance for all foreign cars entering Iraq from traffic accidents. .

[yota691]

The insurance department warns the state departments of dealing with insurance companies that are not licensed

 

money and business Economy News Baghdad: The Insurance Court warned the State Departments of cooperation with unlicensed insurance companies, demanding that it adopt what it endorses in an official regulation . In a written statement sent to "Economy News", the head of the bureau, Ahmed Abdul Jalil, said that "for the purpose of providing safe insurance covers for the ministries and departments that acquire the various insurance documents from companies operating in the Iraqi market and approved by the Insurance Bureau, they must not contract with any insurance company Or an insurance intermediary or agent only after obtaining the approval of the Court . Abdul Jalil said that "this decision, which includes all ministries and departments of the state came in order to ensure the rights of the insured in those departments and not dragged with any company is licensed, which reflected negatively on the insured . Views 12   Date Added 04/30/2018

[yota691]

The actuarial role in calculating technical provisions

21/5/2018 12:00 am  Baghdad / Al-Sabah A  specialist in insurance in Iraq said that the insurance curriculum did not expand to include the study of risk management or actuarial mathematics.  Actuarial science or risk assessment is the subject that uses computational and statistical methods to estimate the magnitude of risks in the insurance and financial industries; actuaries are qualified persons in terms of education and experience; actuarial sciences include a number of related topics, including probabilities, arithmetic, statistics and finance Economics and computer programming.  Life and death schedules used by life insurance companies may be the most popular applications of this science. Actuarial Science "Risk Management and Actuarial Science can enter a new approach to academic and practical dealings with general insurance, life insurance and reinsurance," said Mesbah Kamal, adding that the issue of risk management had infiltrated Iraqi universities in the 1980s but remained captive to narrow understanding within the framework Insurance, "noting that" actuarial science is also not extended to include life insurance mathematicians, and the various reserves held by insurance companies. "  For his part, said the specialist in insurance Saadoun problem, "Insurance in Iraq need to develop its work through the discussion and discussion of private legislation in this area, as it needs to be reviewed, in addition to find competent competencies of the new generation." He noted the problem in an interview with the "morning" that " the introduction of the owners of specialization in actuarial science to calculate the risk of graduates of mathematics studies would activate the work of insurance in Iraq , especially that this specialization is one of the rare disciplines of applied science"  to that concluded a training program organized events Jordan Insurance Federation, in the Jordanian capital Amman, with the participation of  insurance companies  .  The program was held under the title "Actuary role in calculating the technical allocations of insurance companies", with the participation of the Jordanian insurance market and the largest auditing offices in the Kingdom. training program The participants of the training program covered the actuarial sciences over a period of 3 days with 18 training hours, so that after the end of the program, participants can know the types of technical allocations held by the insurance companies and their importance, and learn about the actuarial role in calculating the technical provisions. In addition to the allocation of unclaimed claims and the provision for life insurance business).  During the program, practical examples were presented about the calculation of technical allocations for vehicles and health insurance, in addition to the role of regulators in defining technical allocations and determining methods of calculation (with practical applications and examples from the Jordanian market and a number of  Arab markets  ).

[10 YEARS LATER]

On March 8, 2018 at 10:25 AM, nannab said:

I could not even imagine the premiums over there! They are talking about auto,home and life right? 

 

Dang right  ! Premiums through the roof.

 

Auto ( Car Bomb/Shootings/RPGs ), Home ( RPGs/Shootings/Car Bomb, Bombs in General ), Life (RPGs/ Shootings/Car Bomb/Vest Bomb/Bombs in General ), Fire ( RPGs/Kidnapping/ALL things BOMBS ).

 

Thats just the TIP of Coverage issues. 

[yota691]

National insurance provides compensation for fire victims

24/5/2018 12:00 am   Baghdad / Mustafa al-Hashemi  The insurance of citizens' properties from the fire and notified him one of the most important subjects detrimental to the economy of the citizen, as well as other types of insurance because the insurance documents cover these risks with compensatory compensatory compensation to rehabilitate the injured to the situation that was before the fire.  The National Insurance Company granted financial compensation to the owners of shops in Shorja from the holders of its fire risk insurance policies in an amount exceeding 743 million dinars.  Compensation of the injured The  Director General of the company Haifa Shimon Issa said in a statement to the "morning" that the company "compensated the owners of shops in Shorja, which was exposed to fire by 743 million and 381 thousand and 92 dinars until April 30 of this year."  "The compensation paid for the year 2017 amounted to two billion and 156 million and 422 thousand and 580 dinars." She called on the general manager of the National Insurance Company owners of shops throughout Iraq to "insurance for their shops and benefit from the insurance policy provided by the company because they contribute to provide reassurance and safety in them by providing support in the event of any damage caused by the fire.  Compensation procedures In  turn, the owners of shops in the Shorja area who received compensation received the valuable services provided by the National Insurance Company, noting the quick implementation of the procedures for the payment of financial compensation to them, which helped them to restore their commercial status before the occurrence of danger and the effective role of the company in supporting the private commercial sector.  The National Insurance Company has 13 branches, including 8 specialized branches and 5 geographical and related branches 42 offices, including 29 geographical offices and 10 border and 3 other specialized distributed between the provinces of Iraq. The company is obliged to pay compensation to its believers who have been affected by the fire, and also notes the high amounts of compensation for the fire portfolio in recent years.  Fire Notification  A seminar was held at the company headquarters earlier this year to discuss this file with a number of private insurance companies during which it was agreed to establish a fund to contribute private insurance companies to participate in expanding the coverage of fire hazards.  "The payment of compensation under this fund will be according to the proportion of the contribution of companies, the more the proportion of more than the realization of the premiums of the portfolio of fire in exchange for the losses incurred from the payment of   compensation." He added that "the issue of fire was discussed and the mechanism of granting insurance cover and review the gaps that may occur when granting insurance, as" there are things that should be observed by the owners of shops or stores and traders during the storage of their goods, namely the need to adhere to safety standards and careful not to accumulate goods to the ceiling your stores with the need for the presence of outlets for ventilation. "  the former director general of the national insurance Company Sadiq Abdul Rahman said in a statement the " morning "that" keen company care to ensure the granting of compensation in order to avoid negative publicity that spread rapidly among the public, which damage the reputation of the company When broadcast In the event of the injured to withhold payment after fraud detection. "

[yota691]

The classification of insurance companies strengthens their position in the market

28/5/2018 12:00 am   Started since 2016 to get it globally  Baghdad / Mustafa al - Hashemi is the credit rating of the Iraqi insurance companies a new topic in the local insurance sector, where the government insurers proactive in this area and since 2016 have been contacted company of any AM Best (AM Best), one of the companies rating (American), which is one of the oldest companies in this field, because the acquisition of these companies a good rating - according to specialist - will enhance its position in the Iraqi insurance market, while strengthening the value of its position and negotiating with international reinsurers. Private companies Said that "the good classification will be one of the tools of marketing and win customers, and the degree of good rating is reassuring to the current insured on the The financial status of insurance companies and their ability to pay compensation claims, and encourages potential insurance claimants to make insurance with them. "  Iraq has received the first credit rating in its history in 2015, and the classification of "B" - issued by the rating agency Standard & Poor's (S & P), and some have considered this degree of classification with satisfaction, despite the circumstances experienced by Iraq, and the continuation The government's efforts to control the state budget, and the state does not stop paying its debts. The credit rating of the country is taken into consideration when classifying insurance companies, in addition to other factors such as management eligibility, corporate financial statements and other classification criteria followed by rating companies. Developed markets , Kamal said that "classification became labor supplies in developed markets and even in some Arab insurance markets as (Egypt, Bahrain, the United Arab Emirates, Saudi Arabia), higher A taxonomy carries with it reassuring to the public insured letter confirming the financial and credit company solvency Insurance". He added , "Therefore, some insurance companies resort to get a grade rating from two specialized door is not Flaunt but to a different degree of classification between them and the criteria used to estimate the classification, and the impact on the position of the insured. Audience rating Kamal said that "the credit rating of insurance companies will not affect the increase in demand for insurance because the vast majority of buyers of insurance protection in Iraq does not attach importance to the subject of classification, being absent in the decision to buy insurance," but this may change due to slow developments In the culture of insurance and personal and institutional investment and the entry of foreign entities to the stock market and banks.  He pointed out that "the foreign oil companies operating in the country know that the Iraqi insurance companies that deal with them do not have a credit classification, but ask and investigate the degree of classification reinsurers insurance companies of Iraq," stressing that "such a position can spread from the door of infection tradition, or The level of sophistication and sophistication among insurance applicants from the Iraqi departments and companies - the introduction of modern concepts in the decision-making process that have financial implications. Kamal stressed that the tendency of the state and private insurance companies to obtain a credit rating is worthy of support as one of the expected effects is to alert these companies to their weaknesses and work to get rid of it, helping good companies to raise their level "likely" Iraq does not have sufficient financial resources to spend on the purchase of the rating, and therefore it will remain unclassified and lose its position in the domestic insurance market. "  Regarding international reinsurance, Kamal explained that" international reinsurance companies prefer to deal with companies with good ratings, Companies can not afford RIP to collapse and bankruptcy easily as the rating company to estimate the function of financial solvency of insurance companies (their ability to pay   compensation). " "It is not known if all Iraqi insurance companies are asking for the degree of classification of the insurance companies that provide them with protection, but I assume that the international insurance brokers of the Iraqi insurance companies are doing the job of ascertaining the acceptable rating of the reinsurance company."

[yota691]

National insurance: fire portfolios and higher car accidents

07/8/2018 12:00 am  Baghdad / Mustafa al-Hashemi   Insurance plays an important role in economic activity in general because the amounts of compensation received by the insured from the insurance companies, according to the documents, contribute to the rehabilitation of their situation to the situation that existed before the occurrence of damage or risk insured against it. In this context, the National Insurance Company announced one of the formations of the Ministry of Finance on the most prominent insurance portfolios, which recorded a rise during the period from 2008 to 2017,  shown in a special statistic obtained by "morning" amounts of premiums realized and compensation disbursed during the last ten years. The statistics showed that the two portfolios of fire and compensation of car accidents were the most prominent high in terms of amounts of premiums and compensation, as the portfolio of fire in 2008 amounted to a billion billion and 853 million and 240 thousand dinars, while the disbursements were 640 million and 769 thousand dinars. Fire portfolio In 2009, the realized premiums amounted to 2 billion and 20 million and 714 thousand dinars, while the compensation paid to the victims of fire accidents, billion and 410 thousand and 346 dinars, and in 2010, the portfolio of fire amounted to a billion and 579 million and 297 thousand dinars, while compensation paid to believers against the dangers of fires 570 Million and 604 thousand dinars.  In 2011, the fire portfolio amounted to 3 billion and 757 million 94 thousand dinars, while compensation amounted to billion and 185 million and 110 thousand dinars, and the amount of premiums achieved in 2012 to 7 billion and 323 million and 442 thousand dinars against compensation amounted to 3 billion and 253 million and 252 Thousand   dinars. The amount of premiums achieved in 2013 also rose to 17 billion and 491 million and 815 thousand dinars against compensation amounted to 544 million and 54 thousand dinars, raising the amount of premiums again in 2014 to 18 billion and 856 million and 553 thousand dinars against compensation amounted to one billion and 762 million And 33 thousand dinars.  In 2015, the amount of premiums achieved amounted to 10 billion and 871 million and 457 thousand dinars against compensation amounted to 4 billion and 986 million and 882 thousand dinars, and the premiums realized for the fire portfolio in 2016 amounted to 8 billion and 823 million 933 thousand dinars, Amounted to 3 billion and 768 million and 853 thousand dinars.  In the past year, the amounts of fire achieved amounted to 8 billion and 462 million and 197 thousand dinars in return for compensation for believers against the dangers of fire, which amounted to 694 million and 736 thousand   dinars. Car Wallet As for the car portfolio and its accidents, it achieved in the year 2008 amounted to 925 million 126 thousand dinars against compensation amounted to 160 million and 253 thousand dinars, and rose in 2009 the amount of premiums achieved to billion and 589 million and 613 thousand dinars, against compensation amounted to 39 million and 404 thousand   dinars.  In 2010, the car portfolio amounted to 3 billion and 624 million and 766 thousand dinars against compensation received by the insured against the dangers of car accidents amounted to 157 million and 404 thousand   dinars.  The amount of premiums achieved in 2011 to 7 billion and 661 million 265 thousand dinars against compensation amounted to 873 million and 852 thousand dinars, while the premiums achieved in 2012 amounted to 6 billion and 40 million and 681 thousand dinars against compensation amounted to one billion and 131 million and 707 thousand  dinars. The car accidents portfolio in 2013 amounted to 7 billion and 369 million and 145 thousand dinars against compensation amounted to 897 million 332 thousand dinars, while the premiums achieved in 2014 7 billion and 366 million and 892 thousand dinars against compensation of 300 million and 344 thousand   dinars.  And achieved in 2015 installments amounted to 4 billion and 157 million and 192 thousand dinars against paid compensation amounted to 320 million and 219 thousand dinars; In 2016, the premiums achieved for the car accident portfolio 7 billion and 31 million and 7 thousand dinars against compensation amounted to 532 million and 749 Thousand   dinars.  The premiums achieved in the past year amounted to 3 billion 627 million and 112 thousand dinars against compensation amounted to 608 million and 946 thousand dinars.

[yota691]

Insurance Office calls for the subjection of imported goods for insurance in its companies

 

Headquarters of the Insurance Bureau

money and business Economy News Baghdad The insurance office on Monday called for the need to secure imported goods to Iraq in the national insurance companies, expecting that this will be reflected on the Iraqi economy. A source within the Diwan said in an interview with the "Economy News" that "the Insurance Bureau called in a document to approach the Ministry of Finance to the necessity of insurance for goods imported from outside Iraq with Iraqi insurance companies exclusively." He added that "this measure would support the national economy and contribute to prevent the diversion of funds out of Iraq." Iraq has 35 insurance companies, 3 of them government and the rest are private joint stock companies. Views 19   Date Added 20/08/2018

[Sage449]

At the time I did business in Iraq, AIG was the only company writing there. I placed WC, Liability, Professional liability and Auto liability. Could not get terrorism or property insurance. The rates for work comp were per $100 of payroll for DBA, TCN and local hires. Rates varied per work class and ranged from $10 to $100 depending on class and location. Surprisingly PL and public liability were the cheapest and at that time Iraq's insurance companies were almost non-existent and couldn't get in-country coverages placed. 

With this requirement of having to buy from an Iraqi company or an outside Iraqi approved carrier so rates and taxes against the policies aren't horrendous is a very good sign and stability. The Iraqis aren't having to buy as much reinsurance and keeping a greater line in-house. Good indicators. 

 

Edited August 20, 2018 by Sage449
Adding more

[6ly410]

Thursday 04 July

Insurance .. Reality and requirements of advancement
Dr.. In the name of Brahimi
 
http://alsabaah.iq/10933/التأمين-الواقع-ومتطلبات-النهوض
 

Insurance appeared in the Arab countries, including Iraq during the nineteenth century when commercial communication began between the Mashreq and Maghreb countries, where marine insurance on government goods was the first type of insurance known by the Arab countries, while insurance was known in Europe since the sixteenth century.
Insurance is an important activity in promoting growth and economic stability and is an urgent necessity in modern societies to prevent the dangers that individuals and societies can not neglect or ignore in the economic and social life, especially after the emergence of the so-called "risk management" It has grown considerably in the years
 Last.
Although more than half a century has passed since the advent of insurance in Iraq, this activity has not kept abreast of the developments witnessed at the international level. The Iraqi insurance market is characterized by the dominance of public insurance companies that compete with the private sector and limit the
 Development.
There are 30 insurance companies (five life and 25 non-life companies) and only one reinsurance company. Only three companies own 90 percent of the market. Despite all the insurance studies in Iraq, it is difficult to estimate Accurate to the size of the current industry, but if we adopted the gross written premiums as evidence, the size of the market amounts to about (500) billion dinars.
The process of developing the insurance market in Iraq must take the required institutional, legislative and administrative attention because of its great importance in promoting economic development, and here it must be noted that the insurance market in the long term must be led by the private sector, which has the required capabilities.
In the short term, however, in order to give an initial boost to the market, the public sector and the Government can play a key role in this through gradual withdrawal from the market, as well as the introduction of compulsory insurance for vehicles and people (eg employees) So as to contribute to the development of local expertise and these are not difficult to verify, a necessary step towards keeping pace with the development process
 Coming.

[yota691]

Iraqi insurance: able to secure trade with the world

06/08/2019

 

(Independent) .. The Director General of the Iraqi insurance company, Haifa Shimon Issa, the ability of the company to secure the movement of Iraqi trade with the countries of the world, pointing out that Iraq has a powerful Tamimi capable of an efficient gesture. 
"The insurance is a guarantee for every person on his property and his life, and relieves his burdens in light of the challenges facing the family and people with all their moral qualities," Issa said. 
She pointed out that the company is in constant motion to spread the Tamino culture and its importance in supporting the national economy, pointing out that the last station in the movement was with the commercial family in the Baghdad Chamber of Commerce and discussed ways of cooperation and work to overcome all the challenges. Open by traders in private banks or government.

Issa stressed that this approach is of great benefit to all parties, pointing out that the Tamina decisions issued after 2004, including the Insurance Regulatory Act No. 10 of 2005 need to be reviewed, to be supportive of the local Tamimi effort.

The company supports the state treasury with 45 percent of its profits under the Public Companies Law No. 22 of 1997. 
The most recent of which was the Rose market, 93 shops were compensated, and all compensation continues. The fire of the paint market in the Middle Euphrates was compensated, and the work continued. Positive demand for insurance.

[Laid Back]

“The Director General of the Iraqi insurance company, Haifa Shimon Issa, the ability of the company to secure the movement of Iraqi trade with the countries of the world, pointing out that Iraq has a powerful Tamimi capable of an efficient gesture.“

 

They are ready to secure the trade of goods and services with countries of the world.

 

I believe this have positive implications on the WTO membership.

 

Go international 

Go trade

Go WTO membership 

Go RV

 

 

 

[Carrello]

On 8/20/2018 at 9:27 AM, Sage449 said:

At the time I did business in Iraq, AIG was the only company writing there. I placed WC, Liability, Professional liability and Auto liability. Could not get terrorism or property insurance. The rates for work comp were per $100 of payroll for DBA, TCN and local hires. Rates varied per work class and ranged from $10 to $100 depending on class and location. Surprisingly PL and public liability were the cheapest and at that time Iraq's insurance companies were almost non-existent and couldn't get in-country coverages placed. 

With this requirement of having to buy from an Iraqi company or an outside Iraqi approved carrier so rates and taxes against the policies aren't horrendous is a very good sign and stability. The Iraqis aren't having to buy as much reinsurance and keeping a greater line in-house. Good indicators. 

 

 

"With this requirement of having to buy from an Iraqi company or an outside Iraqi approved carrier so rates and taxes against the policies aren't horrendous is a very good sign and stability. The Iraqis aren't having to buy as much reinsurance and keeping a greater line in-house. Good indicators. "

 

Thank you, Sage449, for writing something positive and informative. So refreshing to see rather than old cliches and lazy thoughts. And I learned something: Iraq is moving forward in a positive way. Insurance data is always an excellent indicator of the market and market conditions, in this case. Thanks, Sage.