The activation of maritime insurance brings financial resources to Iraq

The activation of maritime insurance brings financial resources to Iraq




29/7/2017 12:00 am

Ziadi: Importers believe in the small regional companies
Baghdad / Mustafa al - Hashemi
as the continued repercussions of the war, in the eighties of the last century and international sanctions during the nineties of it, the insurance sector in Iraq is increasing the need to re - activate the insurance on the carriage of goods , especially that Iraq imported from All the global originators, which requires - according to the President of the Iraqi Insurance Association Abdul-Hassan Zayadi - the need to accelerate coordination between ministries, especially trade, oil and insurance companies to reactivate this important economic component, which brings financial returns to the country.
Ziadi called during a statement to "morning" To the need to pay attention to what attracts the money to Iraq rather than go to regional insurance companies, stressing that the insurance sector has the ability to do so because of the insurance companies, government and private solvency to enable them to cover the risks of marine insurance and other insurance risks.

Insurance Sector
The insurance sector in Iraq represents three government insurance companies, namely the National Insurance Company, the Iraqi Insurance Company and the Reinsurance Company, along with 29 insurance companies and two branches of foreign insurance companies.

And
stressed the need for coordination as soon as possible between the Ministry of
Commerce and insurance companies that the Ministry of Commerce is the donor of import licenses, indicating the possibility of imposing insurance on imported goods at the local insurance companies when granting the import license, which would strengthen and activate the Iraqi capital cycle Economic process.
According to observers, the portfolio of marine insurance has declined significantly since the eighties of the last century because of the ships and ships loaded with goods that came to Iraq from the dangers of the eight-year war, which caused great economic damage because of companies were forced to refrain or be very cautious to grant a cover for marine insurance.

Regional companies
between the importance of urging and sensitizing
all importers, whether
local or foreign, the need to insure
their goods with the Iraqi insurance companies instead of seeking insurance with small regional companies do not have the appropriate solvency to cover the risks of maritime transport, as well as the capital of those companies A few and do not deserve - according to Ziadi - insurance.
He explained that the importance of marine insurance in its broad concept comes to the insurance company, as it constitutes a large proportion of the gross premiums and the importance of the emergence of the national economy and international trade.

Development of imports and
stressed that this type of insurance provides cover for the transport of goods, which contributes to the development of exports and imports, and highlights the importance of this type of insurance that most researchers and scholars in the fields of insurance have given this section of the study of their interest and attention to the importance of great in terms of Study and research as evolving according to international trade developments.

[You must be registered and logged in to see this link.]