Iraqi National Insurance Company returns to business

The National Insurance Company insures corporations working in oil production and many other industries in Iraq. [Atef Hassan / Reuters]

The National Insurance Company insures corporations working in oil production and many other industries in Iraq. [Atef Hassan / Reuters]

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The Ministry of Finance's National Insurance Company announced last week the reopening of its offices throughout Iraq.

The company also opened its doors for citizens and companies, including foreign companies working in Iraq, to register for insurance.

Executive Director Sadiq Fadhil al-Khafaji said the company has resumed its normal operations and will provide insurance services in various fields, such as production, tourism, services and personal insurance.

"The improving security situation in Iraq has helped the National Insurance Company to resume its work completely, as the country is heading toward a large-scale economic boom in production, tourism, services and other fields, which makes insurance important and necessary," al-Khafaji told Mawtani.

He said the company has opened 44 branches in various Iraqi cities, and is planning to open additional branches in a number of neighboring countries soon.

According to al-Khafaji, the company has provided insurance coverage for all oil investments in Iraq in collaboration with the Ministry of Oil, and it is reviewing requests to provide coverage for foreign companies working on 12 investment projects in the electricity sector.

The company also plans to launch an awareness campaign in collaboration with media organizations and advertisement agencies to educate the public about the importance and benefits of insurance.

"The new insurance system in Iraq will cover goods coming into Iraq, whether by land, air or sea, as well as the agricultural sector and related activities, such as animal production, grain storage, refrigeration and animal husbandry. There is also life and property insurance," he said.

Mouyed Ahmad of the Iraqi Ministry of Finance told Mawtani, "The return of national insurance represents a qualitative leap forward in the Iraqi economic sector."

Ahmad said the company's work will support and protect any Iraqi or foreign company that operates within the scope of the company's service.

"The National Insurance Company will help normalize the situation of those companies in case they are subjected to a setback or any other reason recognized by the company, and in that manner it will contribute to and safeguard economic activity," he said.

Mohama Khalil, a member of Iraqi parliament's economic committee, said the parliament will likely approve a series of laws that regulate the work of government companies, including the National Insurance Company, with the aim of enhancing services provided to citizens and beneficiaries.

"Previous terrorist operations, with their subsequent huge damage to citizens' and companies' properties, resulted in a stop of company's functioning and a drawback of its operations," Khalil told Mawtani.

"Today, the return of the National Insurance Company to operation is a strong indicator of the progress of the security situation and its improvement throughout Iraq. This is something that calls for optimism for a remarkable economic future for Iraq," he said.

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    مؤيد جليل

    2011-10-5

    The citizens have become unable to pay the premiums, which have become very expensive due to the country’s instability and insecurity. This has led to many accidents and it has caused many losses to the insurance companies. That’s why these companies have increased life and properties insurance prices. Thus, most of the insurance companies have been closed, because they are no longer able to make an economic profit. This is in addition to the fear of being exposed to dangers, due to the insecurity and to the increase of the armed attacks on the companies that deal with money, jewelry and precious materials. In fact, the country has gone through an exceptional situation, due to the violent and terrorist operations. This is in addition to fraud operations and lawlessness. In fact, some insurance companies have resumed their work, given the significant stability of the security situation.

  • خالد ثامر

    2011-10-5

    Everyone knows that Iraq has been going through a lot of instability as a result of the political situation, since the overthrow of the former regime up to the present. This situation has isolated Iraq from the world development and civilization during this historical era. As a result, Iraqi citizens do not care about these manifestations of development or progress, only they are keen to provide the daily needs of their families, in terms of basic needs. The latter are growing steadily, given the uncomfortable and unstable conditions because of the terrorist acts that are carried out by extremist groups in the country. On the one hand, these groups are wreaking havoc in Iraq fearlessly. On the other hand, they are murdering people randomly, without making any distinction in their criminal acts between the targeted victims. These acts have crippled traffic in the cities, hampered production and development and raised the prices of goods and services. Consequently, Iraqis are suffering from poverty and the lack of a lot of necessities which they cannot provide because of their difficult conditions, which has led the majority of Iraqis to become reluctant to deal with insurance companies.

  • كريم سعود

    2011-9-21

    Some people think that the return of the insurance system in Iraq has many benefits and that it ensures the future and the possessions of the insured person and their families. Some others think that it is suspicious in a way, because it is based on compensation and could involve interests or taking extra money which is known as “Riba,” i.e. usury. They find it prohibited to interact with such organizations and compensatory programs for some people. Therefore, many people participate in the insurance system in Iraq, because it’s beneficial to them and it compensates them with the money it gives them as a result of the bad things that happen to them, if they had an accident, certain injuries or a bad condition, God forbid. Therefore, the insurance system is all right, because it contributes to supporting many citizens, whether they were insuring the lives of family members, cars or possessions. For example, a person could insure his life through making a financial deposit that would be given to his family. Therefore, some may see it as a very necessary thing that should be done and that they desperately need to protect their money from being lost if something happened to them, while some others believe that it is pointless and that it is a regime that is somewhat suspicious for the citizens, because it deals with increase and decrease in its financial transactions. As such, the insurance system has to come back in Iraq. It was there before, as many Iraqi families, traders and owners of shops, cars and possessions used to insure everything, even their lives, in case they died.

  • سميع حماد

    2011-9-20

    Insurance is the main guarantee for Iraqi citizens at the present time in order for them to make some financial profit given by insurance companies for the people who go through things like that, to ensure that their families do not suffer from the poverty and deprivation that lead to homelessness and deviation for the family members. They could make use of the compensation money in living with dignity through utilizing this money in businesses that generate financial profits, for life to go on in a way that ensures the family’s safety from confusion and loss. Therefore, the issue of life or property insurance is an important thing in Iraq at the present time. It has become a necessity and a goal for all citizens in order for them to live the life that God has granted them, while being reassured about their children, money and homes in case they undergo any accidents. In spite of the gravity of the situation of Iraqis, we still see that insurance companies have great appeal among the people because these companies conduct media awareness campaigns to show the benefits of insurance in order to attract the attention of citizens towards benefiting from the services they provide and the guarantees they give to people in case they sign up with these companies. They also clarify the installments of subscription to these companies, so that citizens know that before they subscribe, in order to figure out if these installments are suited for their financial capacity and if they won’t affect the income of the family. This is because Iraqis today are suffering from an increase in the prices of all kinds of items, and many employees might not be able to pay the insurance installments. Also, retirees have surrendered and left the matter in the hands of God Almighty.

  • نجيب كريم

    2011-9-20

    Insurance is very beneficial in Iraq, because it is currently going through exceptionally difficult circumstances, especially in the deteriorated security aspect. Many people in Iraq are physically liquidated by the hands of criminals from terrorist organizations and militias affiliated with some influential parties in Iraq. A person may come out of his house one day to go to his work or to run some necessary daily errands, and he may never come home because of a bombing here or there.

  • يونس احمد

    2011-9-20

    Insurance in itself has many benefits, especially in Iraq, throughout these conditions that Iraqis are going through, due to the events that terrorism and its criminal organizations are causing, in addition to the natural events that may happen in spite of humans’ will. Insurance has many positive aspects, and we support the return of the Iraqi national insurance company to work to ease many of the problems Iraqi citizens are going through, and to contribute to easing their burden by providing the insurance money. In addition to that, the return of the insurance process will help attract many investors and businessmen to come back to continue opening industrial and economic projects. This will naturally contribute to developing the economic and constructional condition, in addition to contributing to providing many job opportunities to the unemployed. Insurance will be like a real guarantee for many investment corporations, whose attention will be directed towards Iraq to participate in the process of reconstruction that our country is witnessing. This is one of the things and benefits provided by the return of the insurance system, in addition to its many benefits to Iraqi citizens, when it comes to insuring their lives and all their private possessions.

  • ناصر سمير

    2011-9-19

    Insurance companies will work on restoring the situation back to normal in Iraq without being exposed to any setback. Insurance companies insure all types of goods coming to Iraq by air, land or sea. They also insure the agricultural sector and animal production. I am one of the people who are the most interested in insurance in Iraq. These companies insure the lives of citizens who own cars, houses or any other things. I appreciate what is going on in all the Arab countries and the European ones. They are leading a peaceful life under insurance. I encourage all Iraqis to pay more attention to insurance, and we hope that the Iraqis’ life will be better. I am among the ones who have been involved in insurance companies, and in case I have an accident, my family will benefit, because I have insured my life with the Iraqi insurance companies. If you have a car and you are involved in an accident, the insurance companies will pay you back and you will lead a peaceful life. I ask all Iraqis to give more attention to insurance. Iraq needs to be developed and reach an important stage. May God spread good and success in the country, O most merciful, Amen.

  • غسان صبحي

    2011-9-19

    The best work that has returned to its normal status is that of the insurance companies, which have resumed their work once again in order to preserve the lives of Iraqi citizens in all respects: the medical, the social and many other fields. Thus, I really agree with whoever wants to encourage the restoration of the insurance companies’ normal situation in Iraq. Indeed, this will represent a great opportunity for Iraqis, especially since recent events in the country have proven the need for many kinds of insurance. I believe that the insurance sector in Iraq reflects a state of development and progress. It also represents a quantum leap towards progress and development.

  • اياد جمال

    2011-9-17

    As per my experience, it is certain that securing Iraq is very important, and the insurance companies should be spread, because Iraq is one of the civilized countries. The National Insurance Company should play its role and provide its services to anyone who wants to have insurance, because it is very important and should exist in a country like Iraq, which is a country that is opening up and has big deals, and insurance is definitely one of the useful and positive things. So this should be provided in Iraq and with modern techniques and honest dealings for those who want to deal with the National Insurance Company.

  • رشيد فرحان

    2011-9-16

    It is very important to apply the insurance system in Iraq again. They should sensitize people in order to ensure their money, assets and lives. They should deposit the amounts of money in the institutions working in this domain, such as banks or separate companies. However, at first, people should make sure of their credibility and check whether these separate companies are insuring money, assets and citizens’ lives.

  • كاظم مهدي

    2011-9-16

    The media has a major role in raising and clarifying the concept of insurance for the citizens, so that many Iraqi persons will contribute to this domain and guarantee that they get their money back in case of harm or damage, God forbid. In addition, there are many things that should be compensated for, especially if people are in dire need of them. For this reason, I think that it is very beneficial to work according to the insurance system in Iraq. All people should contribute to this domain, because it has many benefits for the Iraqi citizens. It will also improve their financial situation. In the past, insurance operations were active, but because of the situation in Iraq, many persons have become reluctant to engage in insurance. This has weakened this sector and led to its collapse. Today, Iraq wants to work according to this system again, because Iraqi people need to return to this program, that is to say, the insurance companies. In the past, there were many national insurance companies as well as private ones.

  • طيب محمد

    2011-9-15

    What we hope for now is for there to be bigger and better companies in all the country’s governorates, in order to accommodate as many Iraqi citizens as possible, so that everyone becomes used to working with insurance companies. What happens regarding this program is for citizens to participate in paying installments or financial salaries according to the company’s operating system. Consequently, if somebody’s car is in an accident, for example and it is totally wrecked, this is where the role of the insurance company comes in, compensating this person with the money that would serve their need to buy a car instead of the car they lost or that had an accident. Or it would be repaired at the expense of the insurance company, whether the damage was small or big. Insurance also includes commercial shops, homes and even lives. Life insurance means that when an insured family member is lost, the company compensates the people close to him with the money they used for insurance, for example a million, more or less; from each according to their capabilities and to the insurance company’s operating system. Therefore, working with the insurance system again is a good thing and has great benefits for citizens; therefore, it has to be used again.

  • كرار شاهد

    2011-9-11

    National insurance companies are essential and very important for Iraqis. They need such companies to get back to work again in the land of Iraq, so that citizens can insure their money, their properties and their lives. Such companies insure citizens’ money in case of accidents or disasters, God forbid; and the insured pay them to compensate them in case of any emergency situation that causes them losses. Under the current circumstances in Iraq, insurance companies have become very necessary. Therefore, the return of the National Insurance Company to work in Iraq again will contribute to helping many of the Iraqi people. Thus, it is very important to raise people’s awareness and to encourage them to deal with these companies and to guide them in how to work with them, and to tell them about the benefits of insuring their properties or lives. In return, those companies have to be real companies and they should have credibility. All Iraqis should insure their lives and their money and properties, so that they do not get lost, stolen or damaged without being compensated for them. They have to make payments to the National Insurance Companies in exchange for their promise to compensate them in case of loss. The Iraqi people need such projects that are necessary and always successful in protecting properties and even lives. Thus, the return of the National Insurance Company is a good thing, and it is welcome, and I am certain that the majority of the Iraqi people will participate in it. Insurance companies in turn have to work continuously and to be very close to the Iraqi citizens and to benefit them, and at the same time be beneficial to them.

  • سهام محمد

    2011-9-10

    The insurance companies in Iraq have come back again to protect the Iraqi citizen, and the Iraqi citizen needs this important matter. I am one of the people who pay the most attention to this matter. Those companies work on insuring the lives of the citizens and work on protecting trade and the economy and all the things related to Iraq. Insurance in Iraq is one of the important matters which work on returning the right to its owners, so that the Iraqi citizen can live in security more than before. I wish that these companies would pay more attention to the insurance aspect in Iraq, and be able to raise the economic and constructing aspects in Iraq. All the Arab countries apply this great idea, which calls for protecting the citizens’ lives. Iraq had previously been working on this basis, but now it is not. However, now that the security situation has returned again to its previous state, the insurance companies have returned to direct their works again so as to bring Iraq to an advanced stage of progress. In my opinion, all these measures should be taken in all the Iraqi governorates.

  • زاهد محمود

    2011-9-10

    I swear it is a great accomplishment that the insurance companies opened their doors once again in Iraq and in various Iraqi governorates, and that they protect the Iraqi citizen and make him the most important. The idea of insurance is a good one, and through it they can protect the life of the citizen from any danger, which means that the insurance companies work on medical care and economic and commercial insurance. I respect this issue a lot: why? Because the insurance companies work on restoring the citizen’s right and to insure his life. I want to tell you about something: if an accident happens in the street between two cars, the insurance company will solve this problem as soon as possible, and money will cover the cost of this accident, and the citizen will be secured, as this will help to alleviate the problems that happen between the drivers. As for the commercial side, it will be the same, and I want to tell all the companies that they should care more for the Iraqi citizen, to protect his life and to be more cooperative. I believe that this is a very good idea and it helps cooperation among the Iraqis, and people will eliminate a lot of problems. These companies existed, but the security status was not suitable for a long period of time; but now, thank God, security and safety are viable and these companies have started to do their work in a serious way and to communicate with the citizen to be more cooperative with these companies and to contribute in this work. The media associations should have a big role in awakening the citizens in order to accept this important issue, and the insurance companies want to deliver their vision to the Iraqi citizen through alerting them to the issue of the goods coming in from abroad from all the sectors, especially the agricultural and animal husbandry sectors, in addition to insuring the lives of citizens and their properties.

  • عمر فرحان

    2011-9-9

    The properties of many Iraqi people, particularly in recent years, have been subjected to a lot of damage, and some Iraqis have lost their lives due to the legacy of blind terrorism. In fact, the National Insurance Company in Iraq has been out of service because of these conditions, which have influenced Iraqis and capitalists a great deal, since they have been subjected to a lot of natural accidents and other things hence remaining without insurance. Thus, I believe that insurance companies have a great importance in the life of the citizens and their private properties. Now that the National Insurance Company in Iraq has resumed its work, I personally think that many Iraqis will deal with it, given the company’s importance to them. In fact, the issue of life and personal property insurance, such as houses and cars, is a positive thing. Therefore, the presence of insurance companies, resuming and reviving their work is very important and a positive thing that delighted a lot of citizens in our country.

  • وهاب احمد

    2011-9-9

    It is a positive development to see the Iraqi national insurance company resume its activities after this long break, as a result of the events in Iraq during the previous years. Resuming these activities is clear evidence that stability has returned to Iraq. It encouraged the national insurance company to resume its activities in Baghdad and in all parts of Iraq. This will contribute to the revival of the economic situation of the country. They insured all the investment companies in Iraq, together with the private properties of the citizens. These are among the advantageous things that we hoped to see in Iraq. We can’t go on without the national insurance companies because they are serving us and insuring our properties and assets. We approve of the resumption of the activities of these companies, because many companies in the country will also resume their activities, and life will return to normal again. We hope that all these things will return to Iraq, especially given the stability and safety witnessed in our country, thanks to God. I personally think that Iraq today is witnessing an era of reconstruction and building, together with the arrival of many international companies. Therefore, it has become very necessary to provide insurance at this stage, because we want to contribute to the building of Iraq. Therefore, providing insurance to these companies in the various sectors will contribute to urban and economic development. It will also contribute to the revival of the country. Thus, it is very beneficial that national insurance companies will resume their activities again. We are very happy about this event, and we appreciate the role of these insurance companies at the moment. The opening of the company’s offices in all parts of Iraq will facilitate the coming of many companies and persons to insure their assets. We are glad and we appreciate the resumption of the activities of these companies in our country. It will witness more and more demands in the future. This will strengthen the Iraqi economic situation that will witness a quantitative blooming in the near future that will serve the country’s interest.

  • جمال حسون

    2011-9-9

    I am very happy because the National Insurance Company has opened its doors again in Iraq. In fact, this company is very beneficial in many things and for many persons, who are always dealing with insurance in its different aspects and fields. I think that the field of insurance in Iraq is in need of more efforts and work in order to be developed. Thus, I hope that the insurance company will not close its doors again. In fact, we are in need of this field, although it is recent. This is in order for us to be among the developed and advanced countries.

  • عمر جلال

    2011-9-9

    Insurance is a very important thing and it exists in all the countries of the world. In fact, the national insurance company has resumed its activity in Iraq after obtaining a work permit. Thus, this company will have great importance in supporting the Iraqi economy through its financial gains. I think that the restoring of this company will benefit all the Iraqis. Thus, the government must provide all the support for the national insurance company.

  • خليل ياسر

    2011-9-7

    The companies that insure life against the threats people might be exposed to are very important, particularly in Iraq, because they effectively contribute to protecting the possessions of the homeland from the threats it might be exposed to as a result of the lack of security stability, which caused many tragedies and calamities people have been going through during the past years, during which the Iraqi people suffered because of the absence of security stability in the county. This absence led to the Iraqi citizen’s preoccupation with the events around them, thus reducing their movement and wandering in different places or in official departments in fear of the terrorist acts they might be exposed to. This is because the members of these organizations target popular gatherings and visitors of service departments in the country, because they gather to finish their work. They do that because the increase in movement and wandering might make people vulnerable to harm or to the loss of their lives. In addition to that, many citizens lost their faith in the insurance companies, especially the ones that aren’t subject to governmental supervision, because of the increase in fraud and swindling they witnessed when dealing with illusionary companies with no legal status. Also, most of the governmental companies that worked in life insurance closed their doors because of the unstable security conditions Iraq is going through. After the security situation improved in Iraq and things started to stabilize and move forward, the national insurance companies resumed their work in Iraq to insure citizens’ lives and all of their different material possessions. This is one of the grand sublime purposes in the lives of Iraqi citizens, who want to ensure a happy life for themselves and their families in which their lives, money and houses are ensured, particularly now when the security situation is at the beginning of its improvement. This is the time when insuring lives and possessions becomes a dire need. The insurance companies may need to use publicity and advertising, so that many citizens would better be informed that these companies have resumed their activity in Iraq like before.

  • اسماعيل محمد

    2011-9-7

    It is no secret to anyone that Iraq went through situations of great security instability as a result of the political conditions it has gone through since the change that happened to the former regime until our present day. This has led to isolating Iraq from the features of advancement and civilization the world is witnessing during this historic era. This made Iraqi citizens not care about any of the signs of development or advancement, and only care about maintaining their families and continuously providing for their daily basic needs, which are constantly increasing because of the shaky unstable conditions Iraq is going through as a result of the terrorist acts committed by radical groups in the country. These groups go around without deterrence or fear of any entity, and they kill people randomly and indiscriminately as the targets of their crimes, which paralyzed life in city streets, hindered production and advancement and increased the prices of goods and services in a way that made Iraqi citizens suffer from poverty and from lacking many of the basic things they need but can’t provide, due to the harsh conditions they are going through. This caused the majority of Iraqis to refrain from dealing with insurance companies.

  • صباح

    2011-9-7

    Citizens can no longer afford the insurance installments, which have become very expensive because of the security instability that the country is going through, which has led to an increase in accidents, which in turn costs insurance companies grave losses if they don’t raise life and property insurance prices. This led to the closing of most insurance companies in Iraq, because they can no longer achieve their economic purposes. This is in addition to the fear of being exposed to danger as a result of the security breakdown and the increase in the cases of armed robbery against companies that deal in funds or jewelry and valuable material. This is due to the exceptional security situation the country has been through, which included violence, terrorism, an increase in the cases of fraud and swindle and the partial absence of the law. However, today, we see that some insurance companies have opened their doors to resume their work once more after noticeable security stability has been achieved.