KRG initiates maiden Kurdistan Insurance Conference (KIC) to propel sector growth

ERBIL (Kurdistan24) - In a concerted effort to bolster the insurance sector, the Kurdistan Regional Government (KRG) is set to host its inaugural insurance conference in Erbil.

Organized by the Ministry of Finance and Economy, the conference marks a significant milestone in the KRG's endeavor to promote and cultivate the insurance industry within the Kurdistan Region.

Presently, the insurance market in the Kurdistan Region is served by eight indigenous Kurdish companies, along with two branches of federal government-affiliated entities and six private sector enterprises.

This diverse array of players underscores the region's commitment to fostering a vibrant and competitive insurance landscape.

Central to the KRG's strategic vision is the facilitation of compensation for losses incurred in trade, investment, and production within the Kurdistan Region.

By fortifying the insurance sector, the KRG aims to instill confidence among investors, attracting international companies and brands to channel their capital into various projects.

This influx of investment not only enhances economic security and prosperity but also creates avenues for job opportunities and income generation.

Moreover, the expansion and efficiency of the insurance sector are poised to address social challenges stemming from its inefficiencies, including unemployment and income disparities.

Through targeted interventions and collaborative partnerships, the KRG endeavors to harness the transformative potential of the insurance industry to build a more resilient and inclusive economy, benefitting individuals, communities, and businesses alike.