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Afghanistan Insurance Department Making Efforts for Expanding Insurance

in Afghan Business

Afghanistan Insurance Department Making Efforts for Expanding Insurance

Officials from Insurance Department of the Ministry of Finance say that efforts are on hand to expand insurance service and promote insurance culture in Afghanistan.

Security issues, lack of public awareness, and absence of a training center on insurance are the main factors that have slowed down the spread of insurance culture in Afghanistan.

Head of the Insurance Department at MoF Mohammad Jawad Jafari said in a conference in Kabul on Tuesday that new regulations are on hand to promote the country’s insurance.

He spoke on the importance of insurance in the country.

“Insurance industries are responsible for mitigating risks involved in a business and for ensuring social and economic safety in a country.  Insurance means indemnity against risk. It is a source of relief for the insured, as any loss due to uncertain events in their life will be paid by the insurer.”

Mr. Jafari called on government agencies to play a part in developing the field of insurance in Afghanistan.

According to the Insurance Department of MoF, there are 5 insurance companies that are currently active in Afghanistan.

The remarks on from the State Department of Insurance come amid complaints against insurance companies from officials of the Afghanistan Chamber of Commerce and Industries (ACCI).

“Until now traders in general do not insure their goods and the insurance conditions are such that traders do not find it practical to buy insurance for their goods. Insurance is necessary for life. We insure our goods in Pakistan; however, unfortunately the goods get lost on the way and the insurance company does not pay for the loss. Insurance conditions should be favorable for people.

Majority of Afghans do not have knowledge of insurance, while in the rest of the world insurance has become a  necessity of life.

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