Deloitte’s latest whitepaper on Iraq, “Fact Sheet: Insurance regulatory environment in Iraq”, provides insights into the insurance regulatory environment in the country for the benefit of interested parties and stakeholders entering the market.
The Deloitte whitepaper looks at the different types of insurance licenses granted in Iraq as well as other essential mandates with respect to capital and deposit thresholds.
The Deloitte whitepaper highlights enacted solvency ratios, calculations and sanctions that govern the insurance business in Iraq, distinguishing between solvency ratios mandated on both entity and policy levels. The Deloitte whitepaper also looks at approaches in calculating insurance technical reserves depending on the insurance types.
“Local insurance regulations in Iraq, in comparison to international practices, are still in their infant stages. Nevertheless, tremendous potential exists to develop this industry and its regulatory environment,” explains Ayad Mirza, Managing Partner, Deloitte Iraq.
“A steady increase in population figures and a prospective growing economy in a reconstruction phase of Iraq, following the liberation announcement made last December 2017 by the prime minister of Iraq, are likely to attract new players into the Iraq market,” he added.
