He said that these compensations included tradesmen who had insured their shops and this reflects their insuring awareness for it reduced their loss. Mirza explained that the reinsuring process included banks suffered from robbing; The process also participated in increasing the insuring limits against terrorist actions up to 15 million iraqi dinar for university professors, and there is a study going on to include other society sections.
The director general talked about the Reinsurance Company activities to restore trust of the international insurance markets in the Iraqi one and make contracts with the big companies again. The Company is trying to settle its financial obligations, which surpassed their due dates, to international institutions. It is also making attempts to release blocked funds, which are about 27 million USD, in and out side Iraq; this will reinforce its financial status and a possible increase in the company's capital up to 5 billion iraqi dinars if subsided by the Minister of Finance, Baqir Jabur Solagh, who confirmed his support to expand the range of insurance and find new covers to encourage international investment.
Mirza pointed out that the company supports private insurance companies which are about 12 active ones distributed all over Iraq. The company subsides 90% of their work and that reinforces their financial status and enhance the public trust in them.
The director general confirmed that the company is working on investing its financial surplus through constructional projects and participating in developing Iraqi industries through establishing co-ed sector companies. The company has a lot of investments in the fields of stocks, real estates and lending citizens for commercial building. All this will participate in developing the constructional and industrial activity.
In international relations, the director general pointed out that Iraqi Reinsurance Company is a founder member in the Arabic General Union for Insurance located in Cairo; the company is participating in increasing the capacity of Arabic Insurance market and also has an active participation in Arabic assemblies like managing the assembly of engineering and fire insurance. The company is also a founder member in the Afro-Asian Union for Insurance which took an active part in experience exchange.
Mirza said that the company is participating in the study of obligatory insurance law through presenting suggestions to activate it which is administrated by the national Insurance Company and that would result in better services for those injured in car accidents.
He added that the Minister of Finance confirmed the necessity of a thorough study for this law and law number 15 for the year 2005 which organizes the insurance work in Iraq. The Minister of Finance, also, insisted on developing the insurance work and subsiding companies.
Finally, Mr. Mirza said that the company intends to take part and support national and international investments in order to achieve quick development in this field. He also pointed out that the company is attempting to re-operate its office in London in order to expand its work with international insurance companies and it is about to re new its contract for the year 2007 with these companies.(Source)AlSabah