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.