Iraqi Insurance Company

Establishing a company

The company was established on 14/10/1959 based on Commercial Companies Law No. (31) For the year 1957 in Baghdad as a private company under the (Iraqi Insurance Company), practices all types of insurance and reinsurance, in 1964 it was nationalized by nationalization decisions of companies and specialized in life insurance transferred to all folders of foreign and Arab companies operating in the Iraqi market transferred to the company at that time, in 1988  issued a resolution No. issued (392)  specialty specialization and to allow the company again to engage in all types of insurance and began to subscribe to the work of insurance of cars complementary and marine, goods and fire and various types of accidents and engineering, 1997 General Companies Law was issued that opened to the company-wide doors for competition and development, also issued in 2005 Law No. (10) was issued  on the organization of the insurance business, which regulated the work of insurance companies under the free economy and competition, The company aims to contribute to economic development through the spreading Insurance awareness among the members of the community and the growth achieved in the marketed insurance policies and the revenues generated from them

B.The Company’s capital

The company’s nominal and paid-up capital is BD2 billion, of which BD1 billion is earmarked for subscription to the Islamic insurance business, in addition to  JD 54 billion according to book value. Based on the instructions No. (15) for the year 2012 regarding the minimum capital and published in Iraqi facts issue No. 4239 dated 21/5/2012, the General Secretariat of the Council of Ministers has been approached to increase the company’s capital to seven billion dinars and the company pending the completion of the regularity approvals.

Summary of the Company’s Activity  (2015)

The nominal and paid-up share capital of the Company is 2 billion Iraqi Dinars, based on the Insurance Regulatory Act No. 10 of 2005, of which one billion dinars was allocated to start the Islamic Takaful insurance business.
The company consists of 15 departments and has 19 branches distributed in Baghdad and the provinces, (6) in Baghdad  (13) in the provinces.
The company's premiums were realized during the year (63468000000)(sixty-three billion and four hundred sixty-eight million Iraqi dinars) with an increase of 6% for the plan of the same year and a rise of 4% for the previous year. The company paid (35310000000) thirty – five billion three hundred and ten million Iraqi Dinar as compensation to (8288)eligible for various types of insurance, the most compensation by expected 31%  of the compensation paid for the previous year by 9% The company operates several types of insurance:

-individual and collective insurance for life group health insurance, Complementary Cars, marine, cargo, fire, engineering, public accidents and civil liability

The company employs (411)employees, including (210)males and (201)females, Employees in the previous year were (408)up 1% over last year

The amounts invested for the year 2015 amounted to thirty-four billion, four hundred twenty-seven million dinars (34427000000)a decrease of 20 % on the planned and a decrease of 3% for the year 2014. The company has been able to increase the return on investment by 13% for the previous year where it reached two billion and nine hundred ninety-five million dinars with an implementation rate of 105%

The company’s solvency ratio (168%) is a good percentage indicating the company’s development and improving its performance.
The company achieved a net profit of JD (3393) million (three billion three hundred and ninety-three million JD), with an increase of 53% over the plan and a 53% decrease from the previous year.
The number of claims filed against the company during the year (9) was before the courts

Expansions for the near future:

The company is still waiting for the completion of the fundamental approvals for the introduction of a department of engineering insurance.
His Excellency the Minister of Finance has agreed to open a border office in the Shib area which is affiliated to the Maysan branch to ensure the life of the expatriates as well as the insurance of goods entering Iraq. The company is in the process of completing the opening of the office as well as opening other border offices in Basra and Wasit by the decisions of the Board of Directors of the company (1,2) in the session (101.95) on 1/7/2012 and 27/12/2012 .