The insurance industry in the Kurdistan Region is expanding steadily. Once limited in scope, the sector now plays a growing role in the local economy. This growth comes alongside urban development and rising asset ownership.
Currently, more than eight major insurance companies operate across the Region. In addition, eight branch offices support their work. Most companies base their headquarters in Erbil. As a result, the capital has become the center of insurance activity.
This expansion marks an important step for Kurdistan’s service economy. Insurance companies now offer a wide range of products. These include vehicle insurance, property coverage, health insurance, and personal liability plans. Therefore, citizens now have access to financial protection tools common in developed markets.
Moreover, insurance firms actively promote public awareness. Nawzad Amjad, General Manager of a leading insurance company, said outreach remains a priority. “Our employees go out daily to raise awareness about insurance,” he said. He added that education helps people understand long-term benefits.
As a result, awareness continues to grow. Many citizens now view insurance as a form of future planning rather than an unnecessary cost. This shift marks a cultural change in financial behavior.
The automotive sector leads current demand. According to Amjad, a vehicle worth $10,000 can receive full coverage for about $350 per year. In case of accidents or fire, insurance covers the loss. Therefore, small annual payments help prevent major financial damage.
Meanwhile, citizens also recognize the value of health insurance. Halmat Rauf, a shop owner in Erbil, said insurance plays a vital role in the future. He stressed the importance of health coverage, especially for surgeries. Although he has not insured his shop yet, he believes the need is clear.
Similarly, other residents support the insurance industry sector’s growth. Hiwa Fatih, another Erbil resident, said government support could strengthen public trust. “The government needs to support insurance companies so people can trust them,” he said. His view reflects a broader demand for regulation and oversight.
Currently, insurance remains voluntary in the Kurdistan Region. As a result, growth depends on service quality and trust. This structure encourages competition among companies and improves customer care.
In conclusion, the insurance sector in Kurdistan now rests on a solid foundation. With 16 outlets, active outreach, and rising awareness, the industry continues to grow. As confidence increases, insurance is set to become a key pillar of the Region’s financial system.
