General Liability Insurance - Iraq

The General Liability Insurance market market in Iraq is projected to reach a market size (gross written premium) of US$272.10m in 2024.
The average spending per capita in the General Liability Insurance market market in Iraq is estimated to be US$5.85 in 2024.
The gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.30%, leading to a market volume of US$320.10m by 2029.
In terms of global comparison, the United States is anticipated to generate the highest gross written premium of US$178.4bn in 2024.
Despite the challenges posed by political instability and security concerns, the demand for General Liability Insurance in Iraq is steadily increasing as businesses prioritize risk mitigation.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Iraq has been experiencing significant growth and development in recent years. Customer preferences in the General Liability Insurance market in Iraq are shifting towards more comprehensive coverage options as businesses seek to protect themselves from a wide range of potential risks. Customers are increasingly looking for policies that not only cover traditional liabilities such as bodily injury and property damage, but also extend to areas like product liability, professional indemnity, and cyber liability. Trends in the market indicate a growing awareness among businesses in Iraq about the importance of having adequate liability insurance coverage. As the economy expands and businesses become more interconnected globally, the risks they face are becoming more complex and diverse. This has led to an increased demand for specialized liability insurance products tailored to the specific needs of different industries. Local special circumstances in Iraq, such as the ongoing political and security challenges, have also played a role in shaping the General Liability Insurance market. Businesses operating in Iraq are exposed to unique risks related to political instability, terrorism, and civil unrest, which have made them more conscious of the need for comprehensive liability insurance coverage. Underlying macroeconomic factors, such as the gradual recovery of the Iraqi economy and the diversification of industries, have further contributed to the growth of the General Liability Insurance market. As businesses in Iraq become more sophisticated and adopt international best practices, the demand for liability insurance is expected to continue on an upward trajectory. Overall, the General Liability Insurance market in Iraq is poised for further expansion as businesses prioritize risk management and seek to protect themselves from a wide range of potential liabilities in an increasingly complex operating environment.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.