Iraq Insurance Industry – Key Trends and Opportunities to 2027
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Iraq Insurance Market Report Overview
The direct written premium of the Iraqi insurance market was IQD 21.4 billion ($14.8 million) in 2022. The market is expected to achieve a CAGR of more than 13% during 2023-2027. The Iraq insurance market research report provides in-depth market analysis, information, and insights into the Iraq insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Iraq Insurance Market Outlook, 2022-2027 (IQD Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Iraqi economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | IQD 21.4 billion ($14.8 million) |
CAGR (2023-2027) | >13% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Companies | · Al Hamraa
· Al Ahlia · Dar Al-Salam · Al Khaleej · Al Ameen |
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Iraq Insurance Market Trends
Social security law and Islamic insurance are some of the key market trends impacting the Iraq insurance market.
In 2023, Iraq announced the implementation of a new retirement and social security law for private-sector workers. This law will broaden the coverage to include all workers, including those in informal employment, the self-employed, and family workers. Furthermore, the law will introduce an array of additional benefits, including maternity and unemployment benefits.
Iraq Insurance Market by Segments
The life insurance segment dominated the Iraqi insurance market in 2022
The key segments in the Iraqi insurance market are life insurance and general insurance. The life insurance sector dominates owing to its small size and state-owned enterprises as well as a notable absence of regulatory oversight. Limited disposable income among the population is the primary reason for this low penetration.
General insurance lines of business include property, motor, financial lines, MAT, and general insurance PA&H. In 2022, general insurance PA&H led the sector, followed by property insurance.
Iraq Insurance Market Analysis by Segments, 2022 (%)
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Iraq Insurance Market – Competitive Landscape
Al Hamraa Insurance Company was the leading insurer in 2022
Some of the key companies in the Iraq insurance market are:
- Al Hamraa
- Al Ahlia
- Dar Al-Salam
- Al Khaleej
- Al Ameen
Iraq Insurance Market Analysis by Companies, 2022(%)
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Iraq Insurance Market – Latest Developments
- The Islamic Corporation for the Insurance of Investment and Export Credit signed a memorandum of understanding in May 2022 with the International Federation of Islamic Takaful and Insurance Companies to boost the development of the Islamic insurance sector. The agreement aims to enhance and promote the Islamic insurance industry to develop a general framework to facilitate cooperation and coordinated technical support.
Iraq Insurance Market Segments Outlook (Value, IQD Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- A comprehensive analysis of the Iraq insurance industry.
- Historical values for the Iraq insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Iraq insurance industry and market forecasts for 2027.
- Profiles of top life insurance companies in Iraq and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Iraq insurance industry.
- A comprehensive overview of the Iraqi economy, government initiatives, and investment opportunities.
- The Iraq insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Iraq insurance industry’s market structure gives details of lines of business.
- Iraq’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Iraq insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Iraq insurance industry.
- Assess the competitive dynamics in the Iraq insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Al Ahlia Insurance Company
Dar Al-Salam for Insurance
Al Khaleej (Gulf insurance)
Al Ameen Insurance Co.
Table of Contents
Frequently asked questions
-
What was the Iraq insurance market gross written premium in 2022?
The gross written premium of the Iraq insurance market was IQD 21.4 billion ($14.8 million) in 2022.
-
What is the growth rate of the Iraq insurance market?
The insurance market in Iraq is expected to achieve a CAGR of more than 13% during 2023-2027.
-
Which segment dominated the Iraq insurance market in 2022?
The life insurance segment dominated the Iraq insurance market in 2022.
-
Who are the major companies operating in the Iraq insurance market?
Some of the key companies in the Iraq insurance market are Al Hamraa, Al Ahlia, Dar Al-Salam, Al Khaleej, Al Ameen, and others.
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