The Insurances market in Iraq has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in Iraq are gradually shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking policies that provide coverage for a wide range of risks, including health, property, and life insurance. Trends in the market indicate a rising demand for insurance products tailored to the specific needs of the Iraqi population. Insurers are adapting their offerings to provide more customizable solutions, such as microinsurance products that are affordable and accessible to a larger segment of the population. Additionally, there is a noticeable increase in the uptake of digital insurance services, as customers seek more convenient ways to purchase and manage their policies. Local special circumstances, such as the ongoing efforts to rebuild infrastructure and stabilize the economy, are influencing the insurance market in Iraq. As the country progresses towards economic recovery, there is a growing need for insurance products that can support business growth and protect against potential risks. This has led to an expansion of insurance offerings for businesses operating in Iraq, including specialized coverage for sectors such as construction, energy, and transportation. Underlying macroeconomic factors, such as increasing disposable income levels and a growing middle class, are driving the growth of the insurance market in Iraq. As more individuals and businesses have the financial means to invest in insurance coverage, the market is experiencing a surge in demand for a variety of insurance products. Additionally, regulatory reforms and initiatives to promote insurance penetration are creating a more conducive environment for insurers to expand their operations in the country.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
