Insurance companies in Iraq are experiencing weak performance and a decline in their economic impact. This is largely due to the low level of insurance awareness among large segments of society, which reduces the demand for insurance policies and makes them appear as an additional cost. Moreover, awareness programs promoting insurance culture are inadequate.<\/p>\n\n\n\n
Companies also face the challenge of limited insurance products and coverage compared to developed markets, reducing their ability to attract new clients and meet the changing needs of the market. Economic and security instability further complicates operations, increasing risks, making policy pricing and loss estimation more difficult, affecting premium collection, and raising the likelihood of defaults. Additionally, inflation and exchange rate fluctuations impact claims, reinsurance, and investments.<\/p>\n\n\n\n
Although a law regulates insurance operations and the Insurance Bureau<\/strong> oversees the sector to ensure a financially safe and transparent market, challenges remain in updating regulatory tools and implementing standards to strengthen market confidence.<\/p>\n\n\n\n Insurance marketing is still traditional and weak in effectiveness, with a limited role of insurance agents in promoting policies and facilitating access to them, which restricts the spread of insurance products. Customer trust, service quality, and claims settlement remain critical factors; delays or lack of clarity in compensation procedures weaken client confidence and generate negative perceptions. Digital transformation poses an additional challenge, requiring system updates, improved data management, and activation of online sales and service channels.<\/p>\n\n\n\n All these factors contribute to weak market indicators, low premium volumes, limited insurance penetration, and reduced capacity for companies to expand and develop.<\/p>\n\n\n\n Insurance premiums for Iraqi companies represent the total premiums written and collected by insurance companies within a given year. They are a direct indicator of sector activity and the spread of policy purchases. Insurance operations in Iraq are regulated and monitored by the Insurance Bureau<\/strong> under the Ministry of Finance according to Insurance Law No. 10 of 2005<\/strong>, which applies to all general and private insurance and reinsurance companies (Iraqi and foreign) operating within Iraq.<\/p>\n\n\n\n The figure below analyzes the financial performance of Iraq\u2019s insurance sector based on premium data from 2007\u20132024. It also shows the annual premiums of several companies (Al-Hamra, Al-Ahliyya, Al-Amin, Al-Khaleej, Dar Al-Salam), as well as the average total premiums in Iraq for this period.<\/p>\n\n\n\n The average total premiums in Iraq during this period reached 3,004,819,668 IQD<\/strong>, with the lowest value in 2009 at 515,987,659 IQD<\/strong>, likely due to cautious underwriting amid economic and security instability. The highest value occurred in 2024 at 14,175,959,783 IQD<\/strong>, reflecting expanded insurance activity, higher demand for insurance products, and improved marketing capacity.<\/p>\n\n\n\n The sector did not achieve stable growth in total premiums during 2007\u20132024. In 2007, total premiums were 634,772,227 IQD<\/strong>, growing sharply in 2008 to 2,143,864,718 IQD<\/strong>, followed by a major drop in 2009 (515,987,659 IQD<\/strong>) and 2010 (562,500,627 IQD<\/strong>), reflecting fluctuations in activity. Performance improved in 2011 (2,437,336,187 IQD<\/strong>), 2012 (2,826,957,682 IQD<\/strong>), and 2013 (3,118,929,935 IQD<\/strong>), then declined in 2014 (1,483,613,453 IQD<\/strong>), 2015 (707,897,168 IQD<\/strong>), and 2016 (738,906,021 IQD<\/strong>) compared to the 2013 peak.<\/p>\n\n\n\n The sector recovered during 2017 (1,769,081,790 IQD<\/strong>), 2018 (1,583,618,484 IQD<\/strong>), and 2019 (1,916,848,186 IQD<\/strong>), followed by a significant increase in 2020 (4,589,534,230 IQD<\/strong>). A drop occurred in 2021 (3,526,444,067 IQD<\/strong>), then strong growth resumed in 2022 (4,350,649,878 IQD<\/strong>), 2023 (7,003,851,927 IQD<\/strong>), and 2024 (14,175,959,783 IQD<\/strong>).<\/p>\n","protected":false},"excerpt":{"rendered":" Insurance companies in Iraq are experiencing weak performance and a decline in their economic impact. This is largely due to the low level of insurance awareness among large segments of society, which reduces the demand for insurance policies and makes them appear as an additional cost. Moreover, awareness programs promoting insurance culture are inadequate. Companies […]<\/p>\n","protected":false},"author":3,"featured_media":13310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,18],"tags":[],"class_list":["post-13309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-published-research","entry","has-media"],"jetpack_featured_media_url":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-content\/uploads\/sites\/2\/2026\/02\/photo_2026-02-08_13-45-38.jpg","_links":{"self":[{"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/posts\/13309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/comments?post=13309"}],"version-history":[{"count":1,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/posts\/13309\/revisions"}],"predecessor-version":[{"id":13311,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/posts\/13309\/revisions\/13311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/media\/13310"}],"wp:attachment":[{"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/media?parent=13309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/categories?post=13309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/business.uokerbala.edu.iq\/wp\/en\/wp-json\/wp\/v2\/tags?post=13309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}