Non-life insurances - Iraq

Iraq

The Non-life insurances market market in Iraq is projected to reach a market size (gross written premium) of US$2,302.00m in 2024.
The average spending per capita in the Non-life insurances market market is expected to amount to US$49.48 in 2024.
The gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 2.38%, resulting in a market volume of US$2,589.00m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2,500.0bn in 2024.
Despite challenges, the Non-life insurance market in Iraq is experiencing steady growth driven by increasing awareness and demand for insurance products.

Market

Region

Region comparison

Currency

Analyst Opinion

Over the past few years, the Non-life insurance market in Iraq has been showing promising signs of development and growth. Customer preferences in the Non-life insurance market in Iraq are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for policies that not only cover traditional risks like property damage and motor vehicle accidents but also offer protection against emerging threats such as cyber attacks and natural disasters. Trends in the market indicate a growing demand for Non-life insurance products in Iraq, driven by factors such as increasing awareness about the importance of insurance, rising disposable incomes, and a growing number of infrastructure projects in the country. As the economy continues to expand, businesses and individuals are recognizing the need for adequate insurance coverage to protect their assets and investments. Local special circumstances, such as the reconstruction efforts following years of conflict and instability, are also playing a significant role in shaping the Non-life insurance market in Iraq. The rebuilding of infrastructure and the revitalization of industries are creating new opportunities for insurers to offer specialized products tailored to the needs of businesses operating in post-conflict environments. Underlying macroeconomic factors, including stable economic growth, government initiatives to promote the insurance sector, and increasing foreign investment, are providing a favorable environment for the development of the Non-life insurance market in Iraq. As the country continues to rebuild and modernize its economy, the insurance industry is expected to play a crucial role in supporting sustainable development and mitigating risks for businesses and individuals alike.

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.