Terror Acts’ Insurance: Comparison of Iraqi and Egyptian law

Abstract

Insurance against terror risks is a contract that obliges the insured to pay the insured on or the beneficiary an amount of money, civil revenue, or any other financial compensation in the event of the terror act against which the insurance occurs in return for installments or any other financial payment made by the insured to the insured on. Insurance against terror acts is a type of insurance contract and is subject to the same technical conditions to which the insurance contract is generally subject.
The Iraqi legislature did not deal with the provisions of insurance against terror risks. Nevertheless, the risk of terrorism and the consequent bodily injury to persons or death can be covered due to the absence of an independent contract or insurance policy against terror risks. The Iraqi National Insurance Company covers terror risks with insurance within the group insurance policies or insurance against individual or group personal accidents and others.