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Development insurance

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1Development insurance Empty Development insurance Wed Jul 10, 2024 7:40 pm



Development insurance
Economical 07/11/2024
Abdul Zahra Muhammad Al-Hindawi
Many countries in the world have begun to pay great attention to insurance, and devote a wide space to it in their development policies, laws, and legislation, because of the role it plays in spreading reassurance and dispelling people’s fears,
because everything in their lives will be insured. 

The United States of America now controls about a third of The total global insurance market, and another third is shared by the eurozone countries and Japan, while the share of developing countries, including Iraq, is still very modest.
It is clear that our culture of insurance is still shy, and this matter does not receive attention from people, not even from the media, as the area of ​​programs and media materials that deal with this file constitutes only small areas within the area of ​​public broadcasting, and perhaps the same applies to The role of civil society organizations, and before that state institutions.
The insurance scene in Iraq is described in this way, in light of the presence of governmental and non-governmental institutions concerned with insurance issues, and
when we talk about this file, the insurance that we are referring to is not limited to a specific aspect, especially with the extreme economic importance of insurance, as it is an important tool for collecting savings,
Hence the possibility of investing these savings in various aspects, which can contribute to achieving development and generating more job opportunities, and
therefore large investments resulting from insurance savings will necessarily lead to reducing unemployment rates and empowering the poor, who will benefit greatly from this aspect.
If we point to For example, the Health Insurance Law, which was issued in 2020, and the good scope for insurance it includes, is that the segment of the poor is the largest beneficiary of the benefits of this law, because they will receive health care, which is almost free, if not actually so, but
despite the entry into force of the law Implementation has been going on for about two years, and although it is also mandatory, the results are still below the level of ambition, even with the Ministry of Health and many of its supporting bodies carrying out awareness and information campaigns about the importance of subscribing to health insurance, and about the benefits and advantages that the beneficiary will receive, most notably the reduction Prices reach more than 75% for those registered, in exchange for a deduction that does not exceed 1% of the employee’s total salary, who will receive insurance and health insurance for his family members and parents as well.
Insurance here does not stop only on the health aspect, but extends to property insurance such as housing, investments, commercial activities, and cars, especially with the frightening increase in the number of traffic accidents in recent years (more than 12 thousand traffic accidents in 2023).
This means that the insurance sector is It is one of the sectors that support the economy, and it can intervene in the event of any economic crisis that may disrupt the development scene.
Some statistical indicators reveal that a number of Iraqi insurance companies, led by the National Insurance Company, have achieved decent profits,
but this is definitely not enough, as the percentage of those who have or who enjoy insurance is still very small compared to the population (more than 43 million). population of Iraq), as well as with the presence of quite a few insurance companies that exceed the number of their counterparts in the Kingdom of Saudi Arabia, for example.
Hence, the insurance sector in Iraq needs great support and continuous empowerment in order to achieve development goals, which are embodied in improving the level of services provided to people, and
insurance represents an important development path in this context, because it creates reassurance in people, which pushes them towards more giving.   
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