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JimF
USA
1014 Posts |
 Posted - 04/01/2003 : 09:52:52
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Does anyone know what the insurance market situation is within Iraq.
Are US and British bombings considered 'war exlusions' in coverage?
Is anyone aware of any websites which would provide interested parties with more information on how the insurance system works in Iraq? |
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CCarr
Canada
1200 Posts |
Posted - 04/01/2003 : 11:08:41
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There are three insurance companies, owned by the state, transacting business in Iraq, they are;
National Insurance Company, established in 1950
Iraq Insurance Company, established in 1959
Iraq Reinsurance Company, established in 1960
These companies are also shareholders, directly or indirectly through government institiutions, in the Arab Reinsurance Company, as are 14 other arab countries, as is France through their Union de Banq. Arabes et Franc. (UBAF).
Iraq also has a pretty thorough social insurance program, funded by payroll taxes - 12% for oil field workers, 5% OTH oil field.
I am not familiar with Iraq policy wordings, however the presence or absence of "war exclusions" seems redundant considering the ownership of these insurance companies. |
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KileAnderson
USA
875 Posts |
Posted - 04/01/2003 : 16:09:48
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| I believe that I will turn down that assignment if offered. |
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CCarr
Canada
1200 Posts |
Posted - 04/01/2003 : 16:31:09
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Kile, once the current situation / phase is over, and the dust settles, so to speak; I think it would be a fascinating assignment in many ways.
The 'rebuilding' of Iraq, principally Baghdad, will be quite an exercise for the liberating country and / or UN.
Consider it in a very general context as a 'class action' settlement, one of your favorite topics. There likely will be a settlement protocol of some kind for mercantile and industrial businesses, measured in some way to the extent of damage to their premises and / or period of interrupted business.
Just think, all the gyros and mutton a/o goat kebobs you would ever want in a lifetime. I wonder if the liberators would introduce cold beer for sale in the PX? |
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Newt
USA
657 Posts |
Posted - 04/02/2003 : 10:50:53
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| A two year tour would be a good assignment for tax purposes. In all probability France will be the fair haired Bunch and no US will be involved. Maybe this is another reason why they were against the war, the insurers will be out a few bucks, francs or dineros. |
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RogerHudd
USA
1 Posts |
Posted - 04/05/2003 : 20:26:00
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| CCAR,You sound knowledgeable about international adjusting. Have you done any? I just got back from handling my first international claim in Dubai (one week before our forces landed), and am now forging a new business with several partners. Let me know if you've had any experience with foreign madness in the insurance sphere. Any country will do; the plan is global. If so, I'd like to toss around a few ideas, and hear any wisdom you might offer. Thanks. |
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Insurance In Iraq
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