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UIB Urges UAE Insurers To Share Expertise With Iraq

United Insurance Brokers is urging UAE-based insurance firms to share their expertise with Iraqi insurers, claiming it will help boost the economy and grow the sector.

Speaking to Policy, Rob Tolley, UIB director, said Iraq is a virgin market and there is a lot of money to be made for insurers and reinsurers who invest there.

However, he said the weakness in Iraq is “lack of experience and knowledge within the market”.

“To develop the understanding and expertise in Iraq, insurance firms need to look at the established international markets to put staff on a one to two year sabbatical then bring them back to Iraq”, he said.

He added: “Iraq insurers  could send a team of people into Dubai, Saudi or Bahrain because there are similar cultures, similar mentality and similar understanding so the knowledge of somebody in Dubai, Saudi or Bahrain can easily be transferred into Iraq.”

Alternatively, Tolley said Iraqi firms could pluck talent from the GCC countries to help grow the market. He said: “It will be safer and quicker if they took on overseas talent from the region. Within the UAE there is a huge amount of talent and experience.”