In what's believed to be a first in the insurance industry, the state-run Iraq Insurance Company is offering policies that cover death by terrorism.
The company has sold about 200 individual terrorism policies in the last year, and is negotiating with several government ministries and private companies for group policies that would cover thousands of employees, The New York Times reported Tuesday.
It is a standard life insurance policy, but carries a rider specifying it also covers explosions caused by weapons of war and car bombs, assassinations and terrorist attacks.
IIC executive Abbas Shaheed al-Taiee said policyholders are living in some of the most dangerous parts of the country, but not a single claim has been paid in the past year.
"The contract is a good-luck charm," he said.
One 23-year-old in Baghdad who works as a bodyguard and helps with U.S. military contracts purchased a policy last week.
Because of his dangerous affiliations, he paid more for the first year's premium than most -- about $90 for $3,500 in coverage. That's about the annual salary for an Iraqi police officer, the report said.
© Copyright 2006 by United Press International
