Iraq allows establishing private insurance companies

For the first time in 32 years, the Iraqi commerce ministry allowed the private insurance companies to work in the country and according to the procedures ratified by the ministry five companies were allowed to get the necessary authorizations with the possibility of giving the authorization to other companies in the coming period.

The new companies will be able to work in all the insurance areas including health, life insurance and maritime insurance on ships.

Iraq had nationalized the insurance sector at the end of the sixties and a governmental corporation took the responsibility to provide the insurance for the local market inn addition to contracting with foreign companies to present their services in the external transportation field.

Liberalizing the insurance sector is regarded as part of the framework of Liberalizing economic activities which so far comprised allowing establishing private banks and exchange offices.

On the other hand, the Jordanian Harbors Corporation began applying the reduced tariffs for items transported to Iraq in addition to the harbor services in Aqaba harbor, a matter which can contribute in increasing Jordan's share in the transportation movement to Iraq in confronting the competition from the Syrian and Lebanese harbors.