[size=36]The Minister of Finance reveals the average monthly insurance premium for the Iraqi individual[/size]
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, Minister of Finance Ali Allawi announced, on Wednesday, the number of insurance companies operating in Iraq currently, while noting that the average insurance premium for an Iraqi individual is 630 dinars per month.
Finance Minister Ali Abdul-Amir Allawi said in his speech at the first annual international scientific conference under the slogan ((Reform of the Insurance Sector in Iraq… Reality Challenges and Future Opportunities)), which was followed by / Mawazine News /, that "the insurance sector is an important and fundamental pillar in economic development." The development of the private sector and the easing of the burden on the state.
He explained, "Iraq was subjected to conditions such as wars, economic embargoes, and the like, which greatly affected this sector and caused it to decline in a frightening manner," noting that "it started to appear and return to the fore after the events of 2003 as a result of openness to different countries of the world and witnessing the great development taking place." In this sector, what urged officials to revitalize this sector, Law No. 10 of 2005 regulating insurance business was legislated, according to which the Insurance Bureau was established to be the body responsible for regulating, monitoring and developing the insurance sector in Iraq.
He pointed out, "The Iraqi insurance market consists of public and private sector companies, as the number of companies granted a license to practice insurance business by the Insurance Bureau in Iraq since the beginning of its establishment until now is (41) companies, but the companies currently operating from them and that meet the legal requirements are ( 29) Company.
He continued, "The insurance premiums for the year 2019 amounted to about 287 billion dinars, and this is a very important indicator that shows that the average insurance premium for each Iraqi individual is about 630 dinars per month for each citizen, and this figure, if compared to the size of the Iraqi economy and the size of the people, remains very small, on the one hand, on the one hand. On the other hand, it indicates the potential future opportunities in the Iraqi market.
He pointed out that "the potential opportunities in the Iraqi market in the future lie in two directions: the first relates to increasing the number of beneficiaries of the current insurance services, and the second relates to increasing the number of insurance services, especially with regard to numerous products such as car insurance products, loans, life and fire, documentary credits, movable and immovable funds, and others." ".
He stressed, "The desire to develop the insurance sector must be accompanied by a clear and deep vision, based on a sound reform methodology that begins with diagnosing the current reality and its problems to determine the desired goals in order to put reform mechanisms and procedures into practice, and this is what was pursued in the white paper approved by the Iraqi government." in its first and second parts. Ended 29/R77