Local insurance companies, including Al-Hamraa Insurance, are collaborating with the Health Insurance Authority to develop supplementary insurance products.
The objective is to cover gaps not covered by the government’s basic health insurance package, according to Mr Yasser Sabri, Chairman of Al-Hamraa Insurance, in an interview with Asharq Bloomberg.
He clarified that the government’s health insurance scheme does not compete with private insurance companies, as the former provides a basic package of services to a large segment of the population currently excluded from insurance.
Mr Sabri said that the entry of global reinsurance companies into the Iraqi market remains contingent on underwriting principles and high insurance premiums. He anticipates that the development of the healthcare sector and increased investment in medical equipment and facilities will lead to improved services and higher prices, making the Iraqi market more attractive to international companies.
Separately, the Iraqi Health Insurance Authority aims to bring all citizens under the health insurance system within 15 years. It is working gradually to achieve this goal by raising the number of those covered to 5m this year, according to Mr Ali Ahmed, the head of the Authority.
He told Asharq Bloomberg that the Authority is considering allowing third-party administration companies into the Iraqi market. These companies specialise in medical claims management and could help reduce the over-provision of some services, support the sustainability of the health insurance system, and expand its coverage.