Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

The start of the insurance reform conference in Iraq


yota691
 Share

Recommended Posts

 
 Baghdad: Hussein Thaghb
Yesterday, Wednesday, the work of the first annual international scientific conference “Insurance Sector Reform in Iraq, Reality Challenges and Future Opportunities” kicked off.
Finance Minister Ali Allawi said in his speech at the opening of the conference, which was held under the slogan (Economic reform is our way to improve the performance of financial institutions), and which concludes today, Thursday: {Insurance in the world represents an important and supportive sector in the process of economic development}, pointing out that {the market Insurance consists of 41 companies, of which 29 are actually operating and 29 are active. He stressed the importance of developing the insurance environment in Iraq in a clear and transparent manner, and that the role of the state should be an organizer for this sector and a guarantor of the rights of all parties.
He stressed the importance of organizing a media campaign that supports steps to develop insurance performance and raises the insurance culture in the country, especially since insurance has become an industry that provides services to customers and serves 
Economy}.
In turn, the head of the Insurance Bureau, Israa Saleh, said that {the insurance sector is supportive of all sectors, and it has declined during the past decades due to previous policies, wars and siege, which negatively affected this important sector}. And {morning} will deal with extensive details in the issue next.
  • Like 4
Link to comment
Share on other sites

Iraqi Finance Minister: The average per capita insurance premium is 630 dinars per month

Iraqi Finance Minister: The average per capita insurance premium is 630 dinars per month
Iraqi Finance Minister Ali Allawi
 

Mubasher: Iraqi Finance Minister Ali Allawi announced today, Wednesday, the number of insurance companies operating in Iraq currently, while he indicated that the average insurance premium for an Iraqi individual is 630 dinars per month.

 

Finance Minister Ali Abdul-Amir Allawi said in his speech at the first annual international scientific conference under the slogan (Reform of the insurance sector in Iraq .. challenges of reality and future opportunities), according to the Iraqi News Agency "conscious": "The insurance sector is an important and fundamental pillar in economic development." The development of the private sector and the easing of the burden on the state.

He explained, "Iraq was subjected to conditions such as wars, economic embargoes, and the like, which greatly affected this sector and caused its terrifying decline.

And he indicated that "it began to appear and return to the forefront after the events of 2003 as a result of openness to the various countries of the world and witnessing the great development taking place in this sector, which urged officials to revitalize this sector. To be the body responsible for regulating, monitoring and developing the insurance sector in Iraq.

He pointed out, "The Iraqi insurance market consists of public and private sector companies, as the number of companies granted a license to practice insurance business by the Insurance Bureau in Iraq since the beginning of its establishment until now is (41) companies, but the companies currently operating from them and that meet the legal requirements amount to 29 companies. ".

He continued, "The insurance premiums for the year 2019 amounted to about 287 billion dinars, and this is a very important indicator that shows that the average insurance premium for each Iraqi individual is about 630 dinars per month for each citizen, and this figure, if compared to the size of the Iraqi economy and the size of the people, remains very small, on the one hand, on the one hand. On the other hand, it indicates the potential future opportunities in the Iraqi market.

He pointed out that "the potential opportunities in the Iraqi market in the future lie in two directions: the first relates to increasing the number of beneficiaries of the current insurance services, and the second is to increasing the number of insurance services, especially with regard to numerous products such as car insurance products, loans, life and fire, documentary credits, movable and immovable funds, and others." ".

  • Like 1
  • Thanks 3
  • Upvote 2
Link to comment
Share on other sites

8 hours ago, yota691 said:

and the second is to increasing the number of insurance services, especially with regard to numerous products such as car insurance products, loans, life and fire, documentary credits, movable and immovable funds, and others."

Most of our insurance policies have a "terrorism clause".  I wonder what they will do with that clause in their country in the future?

  • Upvote 5
Link to comment
Share on other sites

 
 Baghdad: Hussein Thaghb
Finance Minister Ali Abdul-Amir Allawi said that the state's reform orientations include promoting the insurance sector and rehabilitating it in a way that advances the national economy. 
He added during his speech at the first annual international scientific conference “Reform of the insurance sector in Iraq, challenges of reality and future opportunities,” which was held under the slogan (economic reform is our way to improve the performance of financial institutions), that “the insurance work environment must be transparent and clear, and be based An informative media campaign targeting all segments of society.
 
The head of the Insurance Bureau, Israa Saleh, confirmed that “the insurance sector is supportive of all sectors,” noting that “this sector was negatively affected by the policies that Iraq witnessed and by the wars and siege, which led to the leakage of insurance competencies outside the country, as Iraq was one of the insurance pioneers in the Arab region.” .
Saleh pointed out that "this sector needs to rehabilitate its human resources through specialized institutions, especially since this sector needs a lot of work in order to advance, and that the white paper referred to the development of the insurance sector's performance."
The first session of the conference, which was chaired by Prof. Dr. Falah Hassan Thuwaini, included the presentation of seven research papers. The second day of the conference included two sessions. The first session was chaired by the Dean of the College of Business Economics, Prof. Dr. Nagham Hussein Nima, and included four participations from outside Iraq, and four researches from within, as well as Contribution of experts from insurance companies. While the third session, chaired by Dr. Haitham Abdel-Khaleq, included the presentation of four scientific research papers.
The conference touched on revitalizing the insurance sector in the Iraqi market, through the three conference axes, as the first included the legal and administrative framework for insurance, while the second axis described the insurance products and services provided by insurance companies, and the last axis was about the future prospects of the insurance sector.
Mustafa Muhammad Ibrahim said that “the role of the insurance sector in the Iraqi stock market is evident through the market value of shares, and its comparison with the banking sector, which competes with it in achieving a continuous return for this sector, in order to achieve a high return for financing economic activities, as well as spreading insurance awareness among The public and focus on this sector because of its important role in achieving the economy 
sustainable.”
At the conclusion of its work, the conference recommended restructuring the insurance sector in Iraq towards increasing its effectiveness and competitive capabilities, by ending the monopoly of government companies on insurance activity, and building and developing a dynamic model that suits Iraqi insurance companies, accommodating environmental changes in the local and international insurance sector.
In addition to the adoption of the concept of strategic thinking by senior administrative leaders, because of its importance in the insurance industry and achieving leadership in business, selecting administrative leaders according to the criteria of merit and efficiency, and activating the concept of social responsibility for organizations as an ethical approach to advancing society at all levels.
The recommendations stressed the need to adopt innovative marketing strategies and use technology-based promotional methods modern.
  • Thanks 4
  • Upvote 1
Link to comment
Share on other sites

Extracted from the White Papers 

 

b) Insurance sector
Objective:
The objective of the Insurance sector reform plan is to develop the insurance sector to ensure a stable environment for the economy, foster the sector’s contribution to the GDP, and promote the culture of insurance among individuals and firms through:
(i) Open the door for Iraqi insurance companies to expand the geographic scope of their services in Iraq by creating allocations for companies operating in this field to benefit from the Iraqi insurance companies to cover insurance on assets in Iraq by amending the relevant legislations;
(ii) Appointing an external consultant to prepare an organizational plan for the state-owned insurance companies, raise the technical level of the working cadres, promote insurance awareness among the public, and prepare a feasibility study for corporate branch networks.
(iii) Increase insurance threshold that enable insurance companies to cover large economic projects, ensure access for the foreign companies operating in Iraq to insurance coverage from the Iraqi companies, and analyze the capitalization level of the companies by the Insurance Bureau to work with them to gradually increase their capital.
(iv) Develop the existing insurance products and introducing new ones to expand the sector, improve insurance analysis for various companies and people, and gradually introduce the electronic insurance sector.
(v) Improve investment management by understanding the real investment bonds of insurance companies, and investing funds by increasing investment in various projects and in foreign capital markets, in line with international best practices, while reducing bank deposits gradually.

(vi) Setting controls to regulate access to insurance policy in cases of lease contracts and sales of (only commercial) properties, imports, housing and industrial loans, cars loans and health insurance in the public and private sectors, and allowing the sector to cover banking loans and facilities.
(vii)Introduce guidelines for the banks,in  cooperationwiththeCentralBankofIraqandthe  Iraqi Private Banking League to provide insurance companies with the banking services they provide.
(viii) Require the various official and non-official bodies to provide insurance coverage, including the operators of electrical transformers, fuel stations, and health insurance for public sector employees, industrial firms, ships and consignments, oil installations, refineries, poultry farms and trucks carrying products in excess of four tons.

  • Like 5
  • Thanks 4
  • Upvote 1
Link to comment
Share on other sites

shixjr, it'll be an automatic waiver and not offered- an exclusion just like war, insurrection etc.

I wrote insurance in Iraq mid-2000 for the government projects involving public companies. Was interesting to say the least, could get liability and work comp but no auto or property coverage. 

  • Thanks 1
  • Upvote 3
Link to comment
Share on other sites

9 hours ago, Sage449 said:

could get liability and work comp but no auto or property coverage.

Thanks Sage,

Insurance is such a profitable business.  The fact that they are now talking about it tells me they are trying to bring other industries besides oil into their country.  Did  they have any kind of group like our OSHA over there?  I have seen pics of them doing some pretty crazy things on their building products over there.   But then again, just like with our news, I never really know what's real and what's not. 

Link to comment
Share on other sites

Shixjr, no OSHA or other Health & Safety type programs. Solely what we brought with us and included the local hires in our programs. Placed Ex-patriot, Third Country Nationals & Local hires under our work comp coverage. And if a government contract, then bought DBA (Defense Based Act) coverage. At that time I could only get AIG to step up for public work comp and CNA for DBA. AIG has done a lot for this country even though it makes you want to smack it because of attitude,  but only way could get the peeps insured. Loved my job!

  • Thanks 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.