English | دری

Two months deadline given for Afghan businesses to get insurance

in Afghan Business

Two months deadline given for Afghan businesses to get insurance

insurance afgAfghan Ministry of Finance issued a two-month deadline for all commercial businesses in the country to get insurance in order to be able to operate in the country.

The Cabinet of Ministers decided to enforce mandatory insurance law for all commercial markets after the recent fire incident that broke out in one of Kabul’s major commercial zone, Fazi Mohammad Nasiri Market, and inflicted millions of dollars of loss to the shopkeepers.

The decision was approved at a meeting chaired by President Hamid Karzai last month.

Fazl Bari Mumtaz, head of the Insurance Affairs Department at the Ministry of Finance said no business without insurance will be allowed to operate.

Insurance is a relatively unknown culture in Afghanistan. The Afghan government has, recently, begun raising awareness about the importance of insurance for Afghan businesses. 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.

Given the security situation of Afghanistan, the important of property insurance for businesses cannot be overstated.

The Insurance Affairs Department of the finance ministry is working on a strategy to regulate the insurance sector, requiring providers to have back-up insurance so they can pay for their damages of their clients in a timely manner.

Related Articles

Afghanistan’s Sectors Worth Investment

1. Agriculture and agriculture-related industries Agriculture is a fundamental means of livelihood in Afghanistan, generating 50% of the country’s GDP

Much-awaited TAPI project to kick off on 13th December

The 10bn Turkmenistan-Afghanistan-Pakistan-India gas pipeline project will be inaugurated on 13th December in Turkmenistan. Turkmenistan’s state-run gas company, Turkmengaz, will

Afghanistan's major dam project remains under onslaughts

Afghanistan’s major Shah and Aros dam in the Shakardarah District of Kabul province was under heavy rocket shelling for three

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*