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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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The decline in the revenues of the National Insurance Company despite the increasing demand..Failed

rocky
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The decline in the revenues of the National Insurance Company despite the increasing demand..Failed  Empty The decline in the revenues of the National Insurance Company despite the increasing demand..Failed

Post by rocky Sun 29 Aug 2021, 7:51 am


[size=30]The decline in the revenues of the National Insurance Company despite the increasing demand..Failed in marketing and attracting private professions


2021-08-29
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Yes Iraq: Baghdad

The premiums and profits of the National Insurance Company declined during the year 2020 compared to 2019, while the Iraqi Airways payments represented the largest shares of the insurance company’s revenues.
Where the Iraqi National Insurance Company, which is one of the largest Iraqi companies in the field of insurance, announced its annual revenues for the year 2020, in which insurance premiums amounted to 87 billion Iraqi dinars, a decrease of 7% compared to the year 2019, and the company’s net profits for the year 2020 amounted to 14 billion dinars, a decrease of amount 18% compared to 2019.
The company's contribution to the domestic product reached 0.007%, which is a low percentage, especially since the company owns a marketing share of about 50% of the size of the local insurance market.
The aviation sector achieved the highest percentage of revenues as a result of the contract with the Iraqi Airways Company with the National Insurance Company. The contribution of the aircraft insurance sector amounted to 22% of the total revenues of the company, followed by the engineering sector, which represented 19%, then the fire sector with 16%
According to the managing director of the Iraq Future Foundation for Studies, Manar Al-Obaidi, “Although the company allocates 5% of the company’s profits to the research and development sector, the amount allocated is 734 million dinars. Iraq despite the growing demand for insurance.”
He explained that "the insurance sector can play a major role in increasing the domestic product and thus increasing jobs in the private and public sectors as a result of the correlation of the growth rate with the domestic product with the increase in jobs," noting that "the contribution of the insurance sector to Iraqi companies as a whole does not constitute more than 0.5% of the GDP. Iraq, which are low rates if compared to the sector’s contribution in other countries, which exceeds the 2-3% barrier.”
 
And he indicated that "the company was unable to increase its revenues in important sectors such as the health sector and the automobile sector, which represented only 4% of the company's revenues. This reflects the company's weakness in marketing its products and its dependence on government sectors without the ability to attract important sectors for insurance as a result of weak marketing operations and administrative systems." The dilapidated used in the company that does not rely on modern electronic systems and does not rely on modern marketing and sales management systems to gain potential customers, even though the number of the company’s employees is 729.”
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