Iraq these days is one of the riskiest places on the planet. The insurance companies handle that by refusing to compensate for damage that occurred during last year's invasion, and by not covering anything that would be considered an act of terrorism or war, as do most insurance policies anywhere.

For example, if an Iraqi with a life insurance policy is shot and killed during a robbery, he's covered. But death by car bomb is excluded, company officials say.

With kidnapping for ransom a thriving business in Iraq, the company so far has avoided offering kidnapping insurance. The premiums would be unaffordable for Iraqis, Ibrahim said.