Asia Insurance

What Asia Insurance does

Asia Insurance Company is a private Iraqi non-life insurance carrier that operates as the dedicated insurance arm of Faruk Group Holding, an Iraqi conglomerate comprising 27 companies across 12 sectors including telecommunications, construction, energy, and medical services. Founded circa 2011 and headquartered in Sulaymaniyah, the company is licensed to underwrite nine non-life classes: Property (Fire, Burglary, PAR, Business Interruption, Business Guard, Home Guard), Health (individual and group), Engineering (CAR, EAR, Machinery Breakdown, Electronic Equipment), General Accident (Personal Accident, Liability, Workmen's Compensation, Money, Fidelity), Aviation, Marine (Cargo and Hull), Travel, Motor, and Energy (onshore/offshore oil & gas). It distributes through a four-branch physical network spanning Sulaimani (Head Office), Erbil (Empire Business Towers), Baghdad (Mansour), and Basra, complemented by website-based quote request forms for both individual and corporate buyers.

The carrier's technology layer consists of iOS and Android mobile applications built on ESKADENIA Software, providing policy management, claims viewing, and direct access to a medical provider network. Underwriting capacity is anchored by a panel of tier-1 global reinsurance partnerships (Swiss Re, Munich Re, Hannover Re, Trust Re, ARIG, Hiscox) supplemented by international reinsurance brokers (Marsh & McLennan, Guy Carpenter, Fenchurch, Chedid Re, UB). Group and individual health is delivered in collaboration with MedNet (a Munich Health subsidiary), offering direct-billing access to over 7,000 medical providers across Iraq, Jordan, Oman, Egypt, UAE, Qatar, Bahrain, Turkey, Kuwait, India, and Lebanon. Travel assistance outside Iraq is provided through a partnership with Mapfre.

Asia Insurance serves two primary customer segments — individual consumers (Motor, Health, Travel, Personal Accident) and corporate clients (Property, Engineering, Aviation, Money, Liability, Workmen's Compensation, Group Health) — and generates revenue through annual or policy-term premium subscriptions across its nine product lines, with group health coverage limits up to 1,000,000,000 IQD per member per policy year. The company reports a stated capital base of 30 billion Iraqi Dinars as the principal balance-sheet anchor of its underwriting franchise.

Name

Asia Insurance

Legal name

Asia Insurance Company

Website

https://asiainsurance.net

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Asia Insurance Company is a private Iraqi non-life insurer and dedicated insurance arm of Faruk Group Holding, underwriting nine product lines including property, health, motor, aviation, and energy across Iraq via a four-branch network, mobile apps, and tier-1 reinsurance partnerships.

Ownership category

akta.pro rank

Product category

General Insurance (Non-Life)

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Health and Medical Insurance Carriers (524114)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

akta.pro secondary industries

Commercial Auto & Fleet Insurance (FSAJAMAB), Travel Medical Insurance (Individual) (FSAIAEAI), Personal Accident Insurance (Injury, Disability & Income Benefit) (FSAJAJAD)

Keywords

• Non-life insurance
• Property insurance
• Health insurance
• Motor insurance
• Engineering insurance

Headquarters

HQ city

Sulaymaniyah

HQ country

Iraq

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: Collection of insurance premiums from policyholders across multiple non-life insurance classes including Property, Health, Engineering, General, Aviation, Marine, Travel, Motor, and Energy insurance. Premiums are collected on annual or policy-term basis.
2. Corporate Group Health Insurance: Group health insurance policies for corporate clients with coverage up to 1,000,000,000 IQD per member per policy year

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Asia Insurance is a non-life insurance company offering nine core product lines: Property, Health, Engineering, General, Aviation, Marine, Travel, Motor, and Energy insurance. The company serves both individual consumers (Motor, Health, Travel, Personal Accidents) and corporate clients (Property, Engineering, Aviation, Money, Liability, Workmen, Group Health), with distribution through branches in major Iraqi cities, online quote forms, and mobile apps.

Product overview

Asia Insurance is an insurance company offering a comprehensive portfolio of non-life insurance products through its platform. The core offerings include nine major product lines: Property Insurance (Fire, Burglary, PAR, Business Interruption, Business Guard, Home Guard), Health Insurance (individual and group with in/out-hospital coverage), Engineering Insurance (Contractors' All Risks, Machinery Breakdown, Electronic Equipment), General Insurance (Personal Accidents, Liability, Workmen's Compensation, Fidelity Guarantee, Money Insurance), Aviation Insurance, Marine Insurance (Cargo and Hull), Travel Insurance, Motor Insurance, and Energy Insurance. The company operates as the Insurance Arm of Faruk Group Holding with a strong capital base of 30 Billion Iraqi Dinars.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Insurance Property insurance covering Fire and Allied Perils, Burglary, Property All Risks (PAR), Business Interruption, and specialized packages like Business Guard and Home Guard for individuals and businesses.
• Health Insurance
• Engineering Insurance
• General Insurance
• Aviation Insurance
• Marine Insurance
• Travel Insurance
• Motor Insurance
• Energy Insurance

Quantifiable outcome

• Coverage up to 1,000,000,000 IQD per member per policy year for health insurance
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered core.

• Swiss RecoreStrategic or Co-development PartnerNon-health reinsurance partner providing capacity and stability. Swiss Re is one of the world's leading reinsurers offering superior security for Asia Insurance's non-life insurance portfolio.
• Munich RecoreStrategic or Co-development PartnerMajor non-health reinsurance partner and parent company of MedNet (health service provider). Munich Re provides global reinsurance expertise and stability to Asia Insurance.
• Hannover RecoreStrategic or Co-development PartnerNon-health reinsurance partner offering rated securities and capacity for Asia Insurance's insurance operations.
• Trust RecoreStrategic or Co-development PartnerReinsurance partner providing capacity and stability for Asia Insurance's non-life insurance offerings.
• ARIGcoreStrategic or Co-development PartnerReinsurance partner contributing to Asia Insurance's non-health reinsurance panel.
• HiscoxcoreStrategic or Co-development PartnerReinsurance partner providing rated securities and international market backing for Asia Insurance.
• MedNetcoreStrategic or Co-development PartnerExclusive health service provider for Asia Insurance's Health Division. MedNet is 100% owned by Munich Health (part of Munich Re group) and provides access to medical providers across Middle East & GCC countries with direct billing facilities. The collaboration covers over 7,000 providers in Iraq, Jordan, Oman, Egypt, UAE, Qatar, Bahrain, Turkey, Kuwait, India and Lebanon.
• MapfrecoreStrategic or Co-development PartnerTravel insurance partner offering 24/7 assistance services outside of Iraq for Asia Insurance travel policyholders.
• Faruk HoldingcoreOthersFaruk Holding (FH) is the parent company of Asia Insurance. FH comprises 27 companies in 12 separate sectors including Insurance, telecommunication & IT, construction, industry, energy, development, medical services and hospitality. The mission of Faruk Holding is to lead Iraq to prosperity and create an optimistic business environment for a modern and dynamic Iraq. Chairman Mr. Faruk Mustafa Rasool leads the holding.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Oman Insurance Company: UAE-based multi-line insurer with strong corporate, energy, and engineering lines and established reinsurer relationships. Comparable as a Gulf-rooted carrier pursuing diversification across P&C, health, and specialty risks in the same MENA competitive set.
• Qatar Insurance Company: One of the largest MENA insurance groups, writing P&C, marine, aviation, and energy lines through subsidiaries including Qatar Re. Comparable to Asia Insurance in product breadth (especially aviation and energy) and in leveraging a global reinsurance panel.
• Gulf Insurance Group (GIG): Kuwait-headquartered regional P&C, life, and health insurance carrier with operations across the Middle East including Iraq. Comparable as a multi-line non-life insurer with reinsurance-backed specialty capabilities and a regional footprint similar to Asia Insurance's ambitions.
• SALAMA (Islamic Arab Insurance Company): UAE-based Sharia-compliant multi-line insurer with family Takaful, general Takaful, and medical lines. Comparable to Asia Insurance in offering a comprehensive product set backed by major international reinsurers and a strong medical network.

Regional players

• Walaa Cooperative Insurance: Saudi-listed cooperative insurer writing motor, medical, property, and engineering lines with a strong health franchise. Comparable to Asia Insurance in being a multi-line carrier with growing group/individual health focus, though operating primarily in Saudi Arabia.
• Bahrain National Insurance (BNI): Bahrain-based non-life insurer offering motor, property, marine, engineering, and medical lines. Comparable to Asia Insurance in product mix and in serving corporate and individual clients in a small-to-mid Gulf market.

Others

• MedNet: Munich Health-owned healthcare network and claims administrator operating across the Middle East, Africa, and Asia. Already a partner of Asia Insurance; included as a peer because it is a key strategic enabler of the health franchise and a comparable managed-care platform in the same region.

Direct peers

• National Insurance Company of Iraq (NIC): One of Iraq's largest state-affiliated non-life insurers, writing motor, property, marine, and energy risks. Comparable as a direct domestic peer for both retail and large corporate accounts in Iraq.
• Al-Ameen for Insurance: Iraqi private-sector insurer writing motor, fire, general accident, and health lines. Directly comparable as a domestic Iraqi multi-line non-life competitor operating in the same regulatory and competitive environment.
• Dar Al-Salam Insurance Company: Iraqi non-life insurance carrier offering motor, fire, marine, and health products to individuals and corporates. Directly comparable as a domestic Iraqi multi-line competitor targeting the same Sulaimani/Baghdad customer base as Asia Insurance.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/AsiaInsuranceCompany
• LinkedInlinkedin.com/company/asia-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Asia Insurance