The Ministry of Finance has commissioned global professional services firm Ernst & Young (EY) to evaluate the performance of government-owned (re)insurance companies.
In a statement to the state-run Iraqi News Agency (INA), the Iraqi Minister of Finance, Ms Taif Sami Mohammed said that EY will submit recommendations to the ministry regarding merging, restructuring, or improving the current performance of the state-owned insurers, in line with international best practices and standards.
The evaluation is being conducted under the guidance of the council of ministers. It is in line with the government’s economic reform agenda,
Aside from a number of privately held insurers, there are three state-owned (re)insurance companies in Iraq. They are National Insurance Company, Iraqi Insurance Company and Iraqi Reinsurance Company.