Efforts for boosting insurance sector in Afghanistan
By Ghanizada - Thu Oct 13 2011, 4:39 pm
Thursday, October 13, 2011 – According to the Head of Afghan Insurance Regulatory Body, Afghan government is struggling to implement the culture of insurance through a number of working workshops in a number of major cities in Afghanistan, including Balkh, Herat and Nangarhar province.
Head of the Afghan Insurance Regulatory Body Fazal Bari Mumtaz while speaking during a conference in northern Balkh province said, Afghans are not well aware with the culture of insurance and the insurance Regulatory body of Afghanistan, which operates under the Ministry of Finance of Afghanistan is putting efforts for the public awareness of insurance culture through Medias and organizing working seminars and workshops across the country.
Mr. Mumtaz further added, further investments and concentration should be made on insurance sector in Afghanistan in order to boost the economy of the country.
He described the current open market policy as a flat bed and paved way for the investment of insurance sector in the country.
While pointing towards the demand and needs of the health insurance Mr. Fazal Bari Mumtaz said, the Afghan government is considering for the mandatory implementation of health insurance and other required insurance schemes both for private and governmental sectors.
A number of high level Afghan officials including deputy provincial governor for northern Balkh province, Head of provincial council for Balkh province, Head of Afghan Chamber of Commerce and Industries for northern Balkh province and a number of economical analysts participated in today’s conference, which was organized by the Afghan Insurance Regulatory Body.
Meanwhile, Head of the Afghanistan Chamber of Commerce and Industries in northern Balkh province, Mr. Syed Tahir Roshanzada said, insurance industry plays a vital role in major commercial contracts and investments in Afghanistan and vowed for further cooperation with the insurance industry sector in this province.
According to officials, at least four insurance companies including the Afghan governmental insurance company are actively operating in Afghanistan.
The officials further added, a number of other private insurance companies have also applied for the registration with the Afghan government and at least two of them are expected to provide their services in the near future.