The inaugural elections for the Association of Insurers and Reinsurers have been held in a move that is the beginning of a new phase toward regulating the sector and enhancing confidence in it.
Mr Walid Jassim won the presidency of the association in the elections, which were held on 28 May 2025 at the headquarters of the insurance regulator, Iraq Insurance Diwan (IID).
In a statement, IID president Ms Israa Saleh Dawood said that the Association is a professional entity comprising all insurance and reinsurance companies licensed by the Board. Its establishment is provided for by insurance regulations, which stipulate the formation of the association and define its objectives and tasks.
She stressed that the success of the elections represents the culmination of years of efforts and constitutes an important step toward collective action among insurance companies and protecting their interests within a unified regulatory framework that promotes cooperation and integration in the Iraqi market.
The Association’s bylaws, issued in 2024, provide for the first elections to be held under the direct supervision of the IID with the active participation of public and private insurance companies.
There are over 30 private-sector insurers in Iraq. In addition, there are three state-owned (re)insurance companies in Iraq. They are National Insurance Company, Iraqi Insurance Company and Iraqi Reinsurance Company.