Iraq – Improving insurance sector strengthens economy
Tuesday, 04 19 2016, Category: Insurance and Reinsurance, Country: Iraq
There are many obstacles that slow the development of public and private insurance companies in Iraq. There is also a need to introduce compulsory insurance for citizens, which not only provides protection but also affects positively economic and investment activities. The insurance sector faces two kinds of hurdles i.e. first the low level of insurance awareness especially for the categories that have a limited economic activity given its low culture in this field. Second it did not take advantage from the best practices learned from countries in which the insurance sector plays a pivotal role.
The chairman of “Reham Insurance Company” Mr. Abdel Hassan Ziadi sent a letter to the “Iraqi Insurance Association”, which includes proposals to develop the insurance sector and boosts its contribution to the economy and society. One of the main proposals is to abolish the specialization imposed on private sector insurance companies and allow them to practice all classes of insurance given that only a small number of companies is allowed to underwrite life insurance whereas the large majority does not enjoy this privilege. It is important to abolish these restrictions especially in the health insurance field where the demand is rapidly increasing.
Source: Al Hayat