Despite the high level of violence in the country, many Iraqi people lack knowledge about the coverage.
Even though there are hundreds of Iraqi people who die every month as a result of the violence that still plagues the nation, there remains a lack of awareness regarding life insurance throughout the population.
It is believed that the lack of awareness is the primary reason that people are not covering their lives.
According to the state-owned Iraq Insurance Company’s general manager, Sadiq Abdul Rahman, who reports directly to the Ministry of Finance, “Iraqis lack awareness on life insurance despite rising violence in the country.” He added that the average people throughout the country “don’t think about death. They’d rather put their money in a bank or pay their mortgages.”
A new campaign in the country is now aimed at promoting life insurance among Iraqis.
Recent data from the United Nations has revealed that there were more than 1,000 people killed in Iraq in May, alone. This is the highest death toll that a single month has experienced in years. It indicates that the violence within the country could be rising, and that people could benefit from the type of coverage that life insurance provides.
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Figures from Agence France-Presse have suggested that until August, there were over 3,600 people killed in Iraq as a result of violence. Rahman has expressed that the Iraq Insurance Company has made a proposal in order to help to address this issue. It is seeking to provide coverage for the lives of 700,000 soldiers and police officers in the country. “We have filed our request to the ministry and we are waiting for their response,” he said.
At the same time, though, the president of the Al-Hamraa Insurance Company, Yassir Sabri Raouf, explained that civilians in the country don’t want to have to face the additional monthly bills that come in the form of life insurance premiums. The president of the private insurer stated that while there has been an increase in the number of inquiries that have been made regarding the coverage, they are not converting into policy purchases. He explained that the coverage is “still seen as an unnecessary product.”