Iraq

Axco provides details on the life insurance sector including Iraqi market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Iraq, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Iraq's pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Iraq report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Iraq's economy had been developing as its oil and gas production had been restored. The recovery in the world oil price in 2018 had assisted the government's rebuilding plan, although the dispute with Kurdistan's regional government over oil revenues had inhibited new investment. The global oversupply of oil and the subsequent price crash as a result of the COVID-19 pandemic in early 2020 arrested the economy and 2020 now looks set to produce a contraction in Iraq's GDP of approximately 18% ....

There are no private pension providers in Iraq: the only pension provider is the state. The state social insurance scheme (old age pension) is universal. The social welfare system is means-tested. The measure is those Iraqis with a per capita income below the national poverty line. The national per capita poverty line was set in 2014 at IQD 105,000 (USD 84.85) per month ....

The COVID-19 pandemic started in February 2020 in Iraq, possibly imported from Iran. Ramadan in May 2020 saw the first real peak, which was managed with lockdowns, curfews and an international travel ban among other measures. A second wave struck in January 2021 and containment reassures were reimposed in February 2021. The first batch of vaccine, funded by The World Bank, arrived in March 2021 and the vaccination rollout programme was begun. The pandemic has had a significant impact on economic activity and government revenues, which are likely to remain low for a prolonged period ....