An invitation to take advantage of the investment companies to activate insurance

2/2/2017 0:00

BAGHDAD / Mustafa al-Hashemi

Iraqi insurance market looking for an outlet to get out of the consequences of international sanctions imposed on the country since the nineties of the last century, through a call by a specialist to Insurance Association and the Office of Insurance to study the proposals offered by specialists affairs insurance that in order to achieve progress in this important economic sector, and which would reflected positively on the country's economy in general.

According to a member of the Iraqi Insurance Association Star Krmd al-Faisal, this depends on the ability of (the Office of Insurance, and Insurance Association, insurance companies, re-insurance) to create an effective, equitable, secure and stable market provides protection to customers of the risks and the technical and financial foundations of sound away from any prejudice to the rights of the parties and embed these principles in insurance institutions in the strategies and business plans. He called al-Faisal, the Office of Insurance and the Iraqi Association of Insurance to activate their role and expand human their resources in line with modern international standards to explore the weaknesses and imbalances and take actions that address.

He pointed out that insurance is the most important joints of economic advancement by offering insurance covers needed for all activities within the production and service market.

And it gave al-Faisal, a number of proposals for the advancement of private insurance companies, including activating the supervisory role of the supervisory Board of the Assembly through the development of standards for financial solvency of the companies and the follow-up commitment to them, pointing to the importance of monitoring methods of calculating mathematical standards in technical reserves and non-technical and investment policies for companies and follow-up settlement losses and repaid to ensure fulfillment of financial obligations to corporate customers and the requirements of their existence.

And the need for small social insurance marketing including insurance (micro), which provides protection from the dangers of accidents, death, theft of small craftsmen and traders, shop owners and others who are able to resume their economic activity in the state to compensate them for what caused their losses.

He stressed the importance of studying obstacles to the spread of Takaful insurance and develop solutions to the challenges facing marketing and spread and benefit from the experiences of Arab countries, especially the Gulf in the marketing of this type of insurance.

And it gave al-Faisal, a proposal to work on raising the performance of insurers and compel it to follow the rules of practice of the profession and show transparency and to get away from the bureaucracy to ease the suffering of the customers in the collection of their rights and monitor the claim fair to provide reassurance and confidence among the public, who will find in the insurance guarantee, safer, and Edjara.

Al-Faisal said it is necessary Edited by technical committees to study the prices of insurance documents and review them in order to achieve a balance in the portfolios of insurance and to take measures that limit the shift prices to commercial means of profit and harmful competition and thus deviations from technical Mnhaha offering insurance portfolios to consecutive losses.

And the importance of checks and documents circulating in the Iraqi insurance market, insurance and take action Alradmh gaps in the documents that lead to the mixing of understanding by customers because of the multiplicity of interpretations of the requirements and exceptions, especially after obtaining the compensation that lead to loss of customers rights in Mostly.

Al-Faisal called on to open a window to communicate with academics, researchers and professionals from the affairs of insurance previously working in the insurance companies and study the formation of the grouping or binds them to the insurance association to achieve this communication of interest in enrichment suggestions and recommendations.

With regard to insurance companies and reinsurance between al-Faisal said the extraordinary situation of the country can not in itself be a source of new types of insurance wrap by expanding hoods insurance usual to include notification produced extraordinary situation, including the dangers of terrorism, which could include the supplements Insurance hoods insurance, personal accident, life and fire on the property and cars, as well as can be diverted to other notice and at reasonable rates Kakhtar riots and unrest as well as the expansion of the insurance on the professional responsibilities of doctors, engineers, craftsmen and others.

Al-Faisal urged an end to the deprivation of the Iraqi insurance companies from an important source of premiums due to the reluctance of investment firms operating in Iraq on the lack of insurance to the Iraqi insurance companies for reasons some respect to non-conviction investment companies capacities underwriting and technical Iraqi insurance companies or because of ignorance of the investment companies that there Insurance cover the activity in Iraq .

He continued: Related to this, the need to impose on insurance assets of the local oil industry within the country to achieve the participation of the Iraqi insurance companies on the information and data and to encourage local insurance companies to coordinate to face these dangers and methods of dealing with brokers and reinsurers international.

Certainly concluded al-Faisal, speaking on these underwriting policies will lead to the provision of opportunities for insurance companies to meet the challenges posed by the insurance sophisticated acts lead to gain experience and skills in dealing with large industrial risks, as well as the reduction of behaviors harmful to the Iraqi insurance market and deprive it of its sources of premiums able to revive the insurance industry Iraq.

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