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Workshop on raising insurance awareness held in Kabul

in Afghan Business

Workshop on raising insurance awareness held in Kabul

Insurance Authority jpgA one-day workshop aimed at raising awareness about importance of insurance in the country was held by the Afghan Ministry of Finance and Ministry of Information and Culture.

The workshop was aimed at developing insurance sector and its importance for social and economic development.

“Insurance services are social services that have become compulsory in many countries around the world. Fortunately, Afghanistan has had insurance in the past, and currently, efforts are being made to apply it in various sectors,” said Deputy Information and Culture Minister Pohanmal Nabi Farahi.

On his part, Head of the Insurance Commission at the Ministry of Finance, Mohammad Arif Hamid, said educating general public  about insurance through such workshops is necessary.

Representatives from the national insurance company and private insurance companies attended the workshop and spoke on the activities of their companies and the insurance products they offer.

Insurance is a transfer of risk mechanism through which future’s uncertainty is replaced with peace of mind. This peace of mind allows businesses and investors to accept risks and pump in more capital into the economy, hence, promoting productivity and growth.

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, the Insurance Corporation of Afghanistan (ICA), was established in 2007.

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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