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StarKar Insurance Company was the first insurance company founded in the Kurdistan Region-Iraq in the year 2004. It waslicensed by the Kurdistan Regional Government For all types of insurance, by Union Ministry of Trade (Companies Registrar) & by The Iraqi Insurance Diwan-Union Ministry of Finance for Non-Life insurance business, Iraq wide. At its first operational year SIC started by covering (Third Party Liability) for all foreign vehicles interning Iraqi Borders through Abraham al-Kahlil & Hajj-Omran border centers where hundreds of policies were issued and many claims settled. SIC paid more than USD300.000.00 in the period between 2004 and up compensating events of death & bodily injuries in a very smooth manner where complicated routine was avoided. Recruiting efforts resulted in training & forming of qualified sell forces as well as competent technical team to carry out the underwriting of risks and settlements of claims at the most possible balance of interests for both Clients & Company and according to the international standards. Board of directors recently decided to increase capital Up to the equivalent of One Million USD (which is under process) to help the accomplishing of Company's goals for the near future in expanding it's services to the other parts Iraq Wide. By the beginning of the Third quarter of 2007 SIC commenced its transactions of all types of insurance supported by the Common Reinsurance Treaties for Iraqi Insurance market Run by Iraq-Reinsurance Co. and lead by Munich Reinsurance Company which is the world largest Reinsurer today.
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