Life insurance - Iraq | Statista Market Forecast

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 6.79% (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$1.3tn 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.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

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.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.