Insurance is suffering the consequences of international sanctions

by **Ponee** Sat Jul 25, 2015 11:37 am

Finance investment projects affected by the absence of insurance awareness

BAGHDAD - Mostafa Hashemi
prevented circumstances experienced by Iraq, particularly in the early nineties of the last century and the subsequent lack of awareness of insurance, of the insurance sector plays an active role in the country's economy, as this sector is one of the main shareholders in financing and the establishment of development and service projects and investment,

and, according to specialists it and after the departure of the country from the consequences of Chapter VII Vlasal insurance sector is facing internal and external challenges represented by the restoration and strengthening of its relations with insurance companies and re-global insurance on the one hand and the redeployment of insurance culture among the society on the other.
In this regard, he said representative of the private sector of the Iraqi insurance companies Saadoun problem Rubaie said the insurance sector in developing countries to Aatkhalaf contribute its investments in the construction of big hotels and financing operation during the early years.
Rubaie said in an interview for the "morning" that this thing did not happen in Iraq because of poor awareness of insurance, which came Ketbat international sanctions and put the country under Chapter VII, noting that the insurance sector in the rest of the developing countries contribute actively in such projects.

The insurance sector in Iraq three insurance companies and government, are all from the National Insurance Company, the Iraqi and the insurance company, and the company re-insurance , along with 29 insurance companies and civil branches of foreign insurance companies.

He stressed that the weakness of this trend in the country due to the lack of awareness of the importance of insurance in the economic field of Iraq in general. He said al-Rubaie said insurance contributes to the economic and financial public affairs, pointing out that a lot of insurance companies that stood by their governments time of financial crisis took the initiative to support including gather to have from money reserves, as did the British insurance company during the 1931 crisis, which contributed to the rescue sterling from the abyss.

He said the national economy in the United States depends on the insurance money, including by 10 percent, the proportion indicate the effectiveness of this sector and the important role it plays and to play in the economic sphere Alamirka.obhsp specialist van insurance companies, whether civil or government has a role and contribute to the development of the national economy Through the insurance activities of documents for insurance and agricultural engineering projects and fire personnel land, sea and air transport and others.

He emphasized that the activity and effectiveness of the insurance companies to Aigas achieving premiums, but the kinds of insurance documents released by those companies which show their ability and their ability to cover risks for different types of insurance, referring to the The insurance sector in Iraq has dropped considerably since the early nineties of the last century and is still suffering from the consequences of Chapter VII so far.

in turn, said economic researcher state fair that the effectiveness of insurance in any country depends on the insurance solutions provided by operating as companies including contributing to a flexible state for business and environment Insurance projects.

She said in her speech to the "morning" that the insurance companies, whether state-owned or private sector must work in accordance with the highest international standards for safety and to be able to withstand the dangers of insurance and covered fully by providing documents securing reflect the quality of products and service levels excellent best competitive price possible.

and showed the importance of product development as well as full compliance with the law as well as the need to get the insurance companies a wide range of relations with insurance companies and the Iraqi, regional and international reinsurance as well as the existence of partnerships with leading brokerage firms specialized to allow the products most sophisticated spread, so as to contribute in marketing documents for the types of insurance that are looking for customers.

It stressed at the conclusion of her speech on the need for knowledge of what to expect the international business community of the provisions of the insurance in the emerging markets, particularly in Iraq, where it is seen as an investment opportunity on the ground, especially after his release from the consequences of Chapter VII of the Charter of the United Nations and the liberation from the restrictions that were imposed on him as a result of international sanctions.

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