Iraq – Supporting insurance with legislations boosts growth
Monday, 02 22 2016, Category: Insurance and Reinsurance, Country: Iraq
The insurance expert Mr. Saadoun Al-Rabei asked for a reform of the insurance law No 10 of year 2005 in order to cope with the articles of the investment law No 13 and its amendments in order for the insurance sector to play its role in supporting investment, construction, and development.
Al-Rabei indicated in a discussion with “Al Sabah” newspaper that there are 32 private insurance companies in Iraq that need support and development in order for this sector to accumulate capitals and invest them in the economy. They also have to insure business continuity and the productivity of the country and individuals.
The numerous economic functions of insurance include the protection of the public and private sectors and setting reserves to cover different risks. Insurance contributes to the protection of the different economic sectors against risks.
Source: Al Sabah