Iraq and the local insurance sector
The operation of Iraq’s insurance sector is governed by the Insurance Business Regulation Act of 2005 (IBR) thru “Diwan”, an independent body supervising policies and procedures concerning the insurance industry. It was appropriately established to guide the industry moving forward. Diwan’s objectives are to regulate and oversee the insurance sector, to assure industry development, provide industry transparency, protection of individuals and property and the accumulation and growth of national savings in order to support economic development.
Iraq is widely considered as an emerging market with an untapped portfolio of potential clients ranging from small, medium and large-scale companies. It’s market however needs to be educated with the knowledge, awareness and interest of insurance and on how it can benefit them and develop products accompanied by unique service offerings.