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Afghan Government making effort to promote insurance culture

in Afghan Business

Afghan Government making effort to promote insurance culture

Ministry of Mines hosted a one day conference on introducing insurance to the employees of the ministry.

Afghan Insurance Commissioner Fazl Bari Mumtaz has undertaken the task of spreading knowledge of insurance, starting within the government offices.

According to Mr. Mumtaz’s statement, in the present aviation and auto-liability insurances are the only mandatory insurance coverage; more insurance lines are made obligatory in the newly drafted insurance law.

Currently, the Afghan National Insurance Company (ANIC) holds a monopoly over the vehicle insurance coverage. Vehicle owners must obtain vehicle insurance from ANIC and their documents must be renewed the state insurance annually.

However, with the new insurance law, vehicle owners are allowed the flexibility to seek vehicle insurance from the open-market.

Present at the conference were representatives from the Insurance Corporation of Afghanistan (ICA), Afghanistan’s first insurance company established in 2007.

“ICA offers a variety of insurance lines. We have till date provided coverage for over 18 billion dollar risks to a variety of clients. Two of our clients are from the mining sector of Afghanistan- MCC and Afghan Gold and Minerals,” said Seyar Hashimi, the representative of Insurance Corporation of Afghanistan.

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