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3 more insurance companies to open in Afghanistan

in Afghan Business

3 more insurance companies to open in Afghanistan

Insurance PolicyInsurance Department of the Ministry of Finance announced Sunday that three more insurance companies are going to start operating in Afghanistan.

This comes amid concerns about the underdeveloped situation of the insurance sector.

Addressing a training workshop in Kabul on insurance, Executive Director of the Afghanistan Chamber of Commerce and Industries (ACCI) Mobhammd Qurban Haqjo cited absence of a proper insurance law and public awareness as the main reasons for the weak insurance sector.

The Chamber also called on the government to clamp down unlicensed insurance companies that are gouging revenue away from Afghan companies.

The Afghan law requires that any insurance that is bought from outside of Afghanistan must go through a local carrier. However, the law has been flouted by many.

There are currently 4 private insurance companies and one national insurance company operating in Afghanistan. Afghanistan’s first national insurance company was established in 1963 and the first private insurance company was established in 2006.

The culture of insurance is not as widespread among the general public. The present insurance sector is limited to the areas of businesses and construction.

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