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Development insurance
Economic 2024/07/11
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Many countries in the world have begun to pay great attention to insurance, and to allocate a large space for it in their development policies, laws and legislation, due to its role in spreading reassurance and dispelling people’s fears, because everything in their lives will be insured. The United States of America has come to control about a third of the total global insurance market, and another third is shared by the Eurozone countries and Japan, while the share of developing countries, including Iraq, remains very modest.
It is clear that our insurance culture is still timid, and this matter does not receive attention from the people, nor even from the media, as the space of programs and media materials that deal with this file constitutes only small spaces within the space of public broadcasting, and perhaps the same applies to the role of civil society organizations, and before that, state institutions.
The description of the insurance scene in Iraq comes in this form, in light of the presence of governmental and non-governmental institutions concerned with insurance issues, and when we talk about this file, the insurance we are referring to is not limited to a specific aspect, especially with the great economic importance of insurance, as it is an important tool for collecting savings, and then the possibility of investing these savings in various aspects, which can contribute to achieving development and generating more job opportunities, and therefore large investments resulting from insurance savings will necessarily lead to reducing unemployment rates and empowering the poor, who will benefit greatly from this aspect, if we refer to the health insurance law, for example, which was issued in 2020, and what it includes in terms of a good area for insurance, the poor segment is the biggest beneficiary of the advantages of this law, because they will enjoy health care, which is almost free, if not actually so, but despite the law coming into effect about two years ago, and despite it also being mandatory, the results are still below the level of ambition, even with the Ministry of Health and many of its supporting bodies carrying out awareness and information campaigns on the importance of subscribing to health insurance, and the benefits and advantages The beneficiary will receive, most notably a price reduction of more than (75%) for those registered, in exchange for a deduction rate not exceeding (1%) of the employee’s total salary, who will receive health insurance and guarantee for his family members and parents as well.
Insurance here does not stop at the health aspect only, but extends to property insurance such as housing, investments, commercial activities and cars, especially with the frightening increase in the number of traffic accidents in recent years (more than 12,000 traffic accidents in 2023), which means that the insurance sector is one of the sectors that support the economy, and it can intervene in the event of any economic crisis that may disrupt the development scene.
Some statistical indicators reveal that a number of Iraqi insurance companies, most notably the National Insurance Company, have achieved reasonable profits, but this is certainly not enough, as the percentage of those who have or enjoy insurance is still very small compared to the population (more than 43 million people is the population of Iraq), as well as the presence of a significant number of insurance companies that exceed the number of their counterparts in the Kingdom of Saudi Arabia, for example.
Hence, the insurance sector in Iraq needs significant support and continuous empowerment in order to achieve development goals, which are embodied in improving the level of services provided to people. Insurance represents an important development path in this context, because it creates reassurance in people, which motivates them to give more.
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