Solvency essentially is the ability to pay what is owed. In the case of insurers like us, it’s the ability to pay claims. From the consumer side of things, solvency is knowing that, if something unfortunate happens we, the insurance company will hold up our side of the contract.

Our approach to an integrated CRM, Accounting and Claims system is vital as from January 2023 all insurers of international standing must manage their accounts to International Financial Reporting Standards (IFRS17)  It is good to see that international standards around Solvency are getting tougher, requiring that insurers demonstrate they really are solvent at all times, and we, Almaseer, are ensuring that we keep in line with these standards. We use a global firm of Auditors to issue our Accounts and affirm our practices.

The investment in a bespoke CRM/Accounting system also allows us to have a unique approach to Governmental overheads which In Iraq needs to be fully understood. Any mistake at this point can make the pricing unbalanced and affect solvency levels. This is not commonly understood and can lead to underfunding.