Plans to revive Iraqi insurance companies
Tuesday, 06 09 2015, Category: Insurance and Reinsurance, Country: Middle East
The failure of Iraqi government insurance companies and their private companies in convincing citizens about the importance of their activities has led to a limited volume of business and a decrease in returns during the past years. Therefore, they have gone through a critical situation which pushed the government to follow a range of procedures in order to revive them by offering them access to the giant investments in the industrial and natural resource fields.
The National Insurance Company of Iraq is the largest company where it started business in the year 1959, was nationalized in 1964, and continued business in the Iraqi market until the government decree of year 2000, which allowed the establishment of private companies of which the number now reached 21 companies in addition to 3 public ones.
The latest statistics issued by the Central Bank of Iraq related to the activities of the three public companies including the “National Insurance Company” and the “Iraqi Reinsurance Company” that the capital of the three concerned companies reached in the past year 20.2 billion Dinars (USD 18 million), its total assets reached 268.2 billion Dinars (USD 236 million), where it achieved an annual profit of around 20 billion Dinars (USD 18 million), and total written premiums reached 196 billion Dinars compared to total paid claims of 65 billion dinars (USD 54 million).
Source: Al Hayat