Life insurance - Iraq

Iraq

The Life insurance market market in Iraq is projected to reach a market size (gross written premium) of US$3.71bn in 2024.
In the same year, the average spending per capita in the Life insurance market market is estimated to be US$79.78.
The market is expected to grow at an annual rate of 6.82% (CAGR 2024-2029), resulting in a market volume of US$5.16bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$1,288.0bn in 2024.
Despite the challenges faced by the insurance industry in Iraq, the life insurance market is slowly gaining traction among the population, driven by a growing awareness of the importance of financial protection and long-term planning.

Market

Region

Region comparison

Currency

Analyst Opinion

The Life insurance market in Iraq has been experiencing significant growth and development in recent years. Customer preferences in the Life insurance market in Iraq are shifting towards more comprehensive coverage options that provide not only financial protection in case of death but also investment opportunities. Customers are increasingly looking for policies that offer long-term savings and investment benefits in addition to traditional life insurance coverage. Trends in the market show a rise in the adoption of unit-linked insurance plans, which allow policyholders to invest in a variety of investment funds while also receiving life insurance coverage. This trend reflects a growing interest among customers in Iraq to not only secure their financial future but also grow their wealth through insurance-linked investments. Local special circumstances in Iraq, such as a young population demographic with a rising middle class, are driving the growth of the Life insurance market. As more young professionals enter the workforce and seek to secure their financial future, the demand for life insurance products that offer both protection and investment opportunities is on the rise. Underlying macroeconomic factors, such as stable economic growth and increasing disposable income levels, are also contributing to the development of the Life insurance market in Iraq. As the economy continues to expand and more individuals have the means to invest in insurance products, the market is expected to experience further growth in the coming years.

Methodology

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.