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International companies re-insurance activity in Iraq
Insurance sector in Iraq faces many challenges Perhaps the most prominent ancient laws and regulations that impede the development of this vital sector and hinge on the economic side of the country, what calls based on the economic file to be given the importance of this issue through a review of those laws and re-drafted to serve the development process, especially after the opening of Iraq to the world and liberation from the restrictions of Chapter VII.
And operating in Iraq three large state-owned companies in the insurance industry, a national insurance company, the insurance company Iraqi, and general insurance company re-tracking the three companies to the Ministry of Finance.
Director General of the Iraqi insurance company under the Ministry of Finance Sadiq Abdul Rahman Hussein said that the global reinsurance companies giant recently began re-activity insurance with Iraq, noting that the country is a promising market and the needs for infrastructure projects as well as the needs rich local market consumer Balastairadat that are insurance them with different insurance companies.
He said Hussein told the "morning" that government insurance provides support for insurance companies civil through cooperation and coordination in the field of reinsurance is no positive case between the public and private sector are in the final outcome of the country's economy service by maintaining Astmrardorh money at home.
The Director General pointed out that "the launch of new types of insurance requires a study of the market need for these types, including what has been successful health such as insurance and temporary life insurance annual documents, subject to renewal by the desire of the citizens, as well as insurance against acts of terrorism and martyrdom as a result of car bombs, a new type of recently fired in Iraq to achieve a financial benefit to the families of the victims. "He noted that the launch of new types of insurance contributes to increase fiscal revenue for the company.
He said the "company has made, through projects that have been secured, insurance protection to at least a million people have borrowed from banks and policyholders." He continued, "The company has provided protection for the state funds through insurance on assets in some circles as well as protection for banks by covering losses that may be exposed to lending projects, stressing the company's efforts to its full potential to provide adequate blankets for each of insurance risk and provide quick service in accordance with the approved technical basis. "
According to the Iraqi insurance company for 2013 Special Annual Report nominal paid-up capital of the market reached two billion dinars, according to the law regulating the insurance business No. 10 of 2005 billion dinars allocated to him directly acting Islamic Takaful insurance.
The Director General said the company aims to make expansions and the introduction of new types of insurance in the coming year will help it provide good services to clients and stand strong in the Iraqi market, stressing that the company will assume the insurance business Takaful after the completion of a regulatory actions were for approval to underwrite it.
And the most prominent achievements of the company during the last year of achievements Hussein said, "The premiums earned for the company over the last year exceeded 50 billion dinars, while net profit for the same period exceeded 4 billion dinars.
He explained that the premiums increased rate of 71 percent planned for the same year, an increase of 17 percent achieved for the year 2012. indicating that net profit increased 20 per cent from the scheme, an increase of 28 percent achieved in 2012.amadava "the company was able to increase the return on investment by 40 percent for 2012, amounted to two billion and 394 million and 600 000 dinars and execution rate reached 104 percent.
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Insurance sector in Iraq faces many challenges Perhaps the most prominent ancient laws and regulations that impede the development of this vital sector and hinge on the economic side of the country, what calls based on the economic file to be given the importance of this issue through a review of those laws and re-drafted to serve the development process, especially after the opening of Iraq to the world and liberation from the restrictions of Chapter VII.
And operating in Iraq three large state-owned companies in the insurance industry, a national insurance company, the insurance company Iraqi, and general insurance company re-tracking the three companies to the Ministry of Finance.
Director General of the Iraqi insurance company under the Ministry of Finance Sadiq Abdul Rahman Hussein said that the global reinsurance companies giant recently began re-activity insurance with Iraq, noting that the country is a promising market and the needs for infrastructure projects as well as the needs rich local market consumer Balastairadat that are insurance them with different insurance companies.
He said Hussein told the "morning" that government insurance provides support for insurance companies civil through cooperation and coordination in the field of reinsurance is no positive case between the public and private sector are in the final outcome of the country's economy service by maintaining Astmrardorh money at home.
The Director General pointed out that "the launch of new types of insurance requires a study of the market need for these types, including what has been successful health such as insurance and temporary life insurance annual documents, subject to renewal by the desire of the citizens, as well as insurance against acts of terrorism and martyrdom as a result of car bombs, a new type of recently fired in Iraq to achieve a financial benefit to the families of the victims. "He noted that the launch of new types of insurance contributes to increase fiscal revenue for the company.
He said the "company has made, through projects that have been secured, insurance protection to at least a million people have borrowed from banks and policyholders." He continued, "The company has provided protection for the state funds through insurance on assets in some circles as well as protection for banks by covering losses that may be exposed to lending projects, stressing the company's efforts to its full potential to provide adequate blankets for each of insurance risk and provide quick service in accordance with the approved technical basis. "
According to the Iraqi insurance company for 2013 Special Annual Report nominal paid-up capital of the market reached two billion dinars, according to the law regulating the insurance business No. 10 of 2005 billion dinars allocated to him directly acting Islamic Takaful insurance.
The Director General said the company aims to make expansions and the introduction of new types of insurance in the coming year will help it provide good services to clients and stand strong in the Iraqi market, stressing that the company will assume the insurance business Takaful after the completion of a regulatory actions were for approval to underwrite it.
And the most prominent achievements of the company during the last year of achievements Hussein said, "The premiums earned for the company over the last year exceeded 50 billion dinars, while net profit for the same period exceeded 4 billion dinars.
He explained that the premiums increased rate of 71 percent planned for the same year, an increase of 17 percent achieved for the year 2012. indicating that net profit increased 20 per cent from the scheme, an increase of 28 percent achieved in 2012.amadava "the company was able to increase the return on investment by 40 percent for 2012, amounted to two billion and 394 million and 600 000 dinars and execution rate reached 104 percent.
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