The insurance sector in Iraq is witnessing rapid growth in recent years, with an increase in the volume of insurance premiums and growing interest from foreign companies in entering the local market, amidst calls for updating legislation and developing the regulatory environment to enhance investment opportunities and expand the sector's activities.
Ahmad Jassim, the president of the Iraqi Association of Insurers and Reinsurers, stated in a statement followed by the Video News Agency that insurance premiums have risen from 375 million dollars in 2024 to nearly 650 million dollars during 2025, indicating that this increase reflects the development of the local market and the rising awareness of the importance of insurance services, as well as the growing interest of foreign companies in the Iraqi market.
He added that the association is working to enhance the presence of the Iraqi insurance sector in Arab and international forums through participation in conferences and joining the General Arab Insurance Union, as well as signing a cooperation agreement with the Jordanian insurance companies union, and preparing to sign a similar agreement with the Egyptian insurance union.
He pointed out preparations for holding the second insurance conference with the participation of global brokerage and reinsurance companies, aiming to expand partnerships, exchange experiences, and develop the sector's performance.
For his part, Yaser Sabri, the chairman of the board of directors of Al-Hamraa Insurance Company, confirmed that the insurance sector has surpassed the stagnation phase and is witnessing noticeable development over the past three to four years, driven by the instructions issued by the Insurance Bureau.
He explained that the continuation of this growth requires cooperation from the government, the House of Representatives, and relevant authorities to amend the insurance law and issue regulations that contribute to organizing and developing the sector.
He concluded by stating that the insurance sector, despite its limited size compared to other financial sectors in Iraq, has wide opportunities for growth in the upcoming phase, provided that a suitable legislative and regulatory environment is created, enhancing its role in the national economy.