Recommendations for restructuring the insurance sector to increase its effectiveness
Saturday 18 September 2021 111
Baghdad: Hussein Thaghb
Finance Minister Ali Abdul-Amir Allawi said that the state's reform orientations include promoting the insurance sector and rehabilitating it in a way that advances the national economy.
He added during his speech at the first annual international scientific conference “Reform of the insurance sector in Iraq, challenges of reality and future opportunities,” which was held under the slogan (economic reform is our way to improve the performance of financial institutions), that
“the insurance work environment must be transparent and clear, and be based An informative media campaign targeting all segments of society.
The head of the Insurance Bureau, Israa Saleh, confirmed that “the insurance sector is supportive of all sectors,” noting that
“this sector was negatively affected by the policies that Iraq witnessed and by the wars and siege, which led to the leakage of insurance competencies outside the country, as Iraq was one of the insurance pioneers in the Arab region.”.
Saleh pointed out that "this sector needs to rehabilitate its human resources through specialized institutions, especially since this sector needs a lot of work in order to advance, and that the white paper referred to the development of the insurance sector's performance."
The first session of the conference, which was chaired by Prof. Dr. Falah Hassan Thuwaini, included the presentation of seven research papers.
The second day of the conference included two sessions.
The first session was chaired by the Dean of the College of Business Economics, Prof. Dr. Nagham Hussein Nima, and included four participations from outside Iraq, and four researches from within, as well as Contribution of experts from insurance companies.
While the third session, chaired by Dr. Haitham Abdel-Khaleq, included the presentation of four scientific research papers.
The conference touched on revitalizing the insurance sector in the Iraqi market, through the three conference axes, as the
first included the legal and administrative framework for insurance, while the
second axis described the insurance products and services provided by insurance companies, and the
last axis was about the future prospects of the insurance sector.
Mustafa Muhammad Ibrahim said that “the role of the insurance sector in the Iraqi stock market is evident through the market value of shares, and its comparison with the banking sector, which competes with it in achieving a continuous return for this sector, in order to achieve a high return for financing economic activities, as well as spreading insurance awareness among The public and focus on this sector because of its important role in achieving the economy sustainable.”
At the conclusion of its work, the conference recommended restructuring the insurance sector in Iraq towards increasing its effectiveness and competitive capabilities, by ending the monopoly of government companies on insurance activity, and building and developing a dynamic model that suits Iraqi insurance companies, accommodating environmental changes in the local and international insurance sector.
In addition to the adoption of the concept of strategic thinking by senior administrative leaders, because of its importance in the insurance industry and achieving leadership in business, selecting administrative leaders according to the criteria of merit and efficiency, and activating the concept of social responsibility for organizations as an ethical approach to advancing society at all levels.
The recommendations stressed the need to adopt innovative marketing strategies and use technology-based promotional methods modern.