Wednesday, March 22, 2006

The value of life

New Business Blooms in Iraq: Terror Insurance
The Iraq Insurance Company, a state-owned group, has sold about 200 individual terrorism policies in the last year, and is now negotiating with several government ministries and private companies for group policies that would cover thousands of employees.

The idea of insuring ordinary people in what may be the most violent place on earth came from Abbas Shaheed al-Taiee, an executive at the Iraq Insurance Company.

"It is a kind of gift to the Iraqi people," said Mr. Shaheed, 53, a big, heavyset man with terribly serious eyes and a reputation as a master salesman. "We have expanded the principles of life insurance to cover everything that happens in Iraq."

Amazingly, the company has yet to pay out on a single claim.

The flame of the entrepreneurial spirit burns brightly!