The establishment of Afghan Global Insurance Company is with the vision of helping Afghan people who have reestablish them self after the prolonged war of 23 years and now look forward towards some protection & reassurance for the investment they have done in there businesses.
As the Insurance sector in the country is still in its primitive stage, Afghan Global Insurance (AGI) is here to expand the Insurance sector in Afghanistan & render its services to maximum people by reaching them into the provinces also.
Afghan Global Insurance
The Company has received its License from Ministry of Finance , Insurance Department & is also registered under AISA to start its commercial operations in the country.
This would be the 2nd Private General Insurance company in the country.
AGI is a joint venture of Maiwand Bank & Midfield International with 50% stake each. AGI is a combination of Maiwand bank, an established name in Banking & Finance sector with presence all over Afghanistan as a leading Private bank and Midfield International a highly successful company in providing critical support to Private sector & government agencies in infrastructure development, construction, material support, general logistic, maintenance services.
Link :- www.midintl.com
Afghan Global Insurance Company, which has started its operations in Afghanistan on 1st August 2010, provides insurance solutions to individuals and corporate. It offers a complete range of general insurance products including insurance for energy, marine, property and casualty as well as several specialized financial lines. The Company believes in offering innovative and relevant insurance solutions in the retail and commercial space. Each product offering is backed by expertise and an unparalleled claims service. The Company’s products are available through various channels of distribution like agents, banks (through banc assurance tie ups) and direct channels like Tele Marketing, Digital Marketing, worksite etc.
To expand the insurance market in Afghanistan & compete as a leading provider of both Commercial and personal insurance products.
To introduce best practices and high Value insurance products in Afghanistan to benefit socio- economic development, while delivering value to share holders.
We will achieve our mission by delivering on our long-term objectives like:
- Increasing our spread of reach across diverse sectors such as international Business and Local markets, while executing through Strategic Business Units which use multi-channel distribution.
- Building balanced, diversified portfolios of sustainable business, targeted predominantly at the Large and medium end of our chosen market sectors.
- Developing a significant stream of non-capital intensive fee income that uses our risk origination, risk pricing and loss adjusting excellence.
- Managing our portfolio against our company risk appetite to create a strong and flexible balance sheet.
- Enhancing our asset management capabilities through our asset allocation, our in-house fund management skills & the Investment Committee.
- Differentiating ourselves through our communication and execution to deliver service excellence to those we work with, whether as customers, brokers or colleagues.
- Being recognized as the Insurer of choice in the country.
Promoters of Afghan Global Insurance Company
Dr. Fraidoon Noorzad – Chairman & Managing Director
Dr. Fraidoon Noorzad, an Afghan national, is the founder of Maiwand Bank with more than 40 % stake in the equity capital of the bank. Dr. Fraidoon Noorzad was graduated from Kabul Medical university in the year 1987 in the faculty of medicine. After a successful professional career in the field of medical, he shifted himself into business of money exchange in the year 1997 and in 1998 he became a partner in Shaheem Exchange, Dubai. With the beginning of the new Government in Afghanistan, he started concentrating in the business opportunities and began his association with Kabul Exchange and later on joined as Dy. CEO with Kabul Bank, one of the leading and fastest growing private bank in Kabul. During this tenure with Kabul Bank, he acquainted himself with banking laws and regulations and proved as dynamic leader. He then was picked up by the management of Azizi bank and offered with the position of Dy. CEO. He also got a long association with the Afghanistan International Chamber of Commerce.
After successfully expanding & running Maiwand bank in the country, Afghan Global Insurance Company has emerged as his long awaited dream. Dr Fraidoon Noorzad had been elected as Chairman and Managing Director of AGI by the share holders of the bank and inducted to the Board of Supervisors as a representative of share holders to hold the above position in the Board of Supervisors for supervising the affairs of the bank in strict compliance of the laws & regulations of Ministry Of Finance.
Mr.Zabi Shaikhani — Vice Chairman
Mr. Zabi Shaikhani is a young entrepreneur with over 15 yrs of business experience. He started in a very early age & has successfully managed companies from start up to multi million dollar revenue. Mr.Shaikhani is recognized for his expertise in aviation, procurement, commercial insurance, import & export. He is the CEO of Midfield International, a highly successful Afghan provider of critical support to private sector & government agencies in infrastructure development, construction, material support, general logistics, maintenance, life support, import / export activities.
Mr.Shaikhani was the founder of Pamir Airlines in May 1995. Pamir Airlines was the first private airline in the history of Afghanistan to receive the air operator’s license from the Ministry of Civil Aviation. In April 2008, Pamir entered into a sharing agreement / partnership with Kabul Group in order to extend its services & enhance its airline capacity.
Mr. Shaikhani is also the founder of Fakruddin Shaikhani Co.Ltd. He regularly invest in small business ventures to strategically support Afghan Entrepreneurs.
REINSURANCE OF Afghan Global Insurance
The Reinsurance of the Company would be done by General Insurance Corporation of India(GIC), which is the Reinsurer of all the General Insurance Companies in India & in many Afro- Asian countries in the world. GIC is more then 3 decades old company in reinsurance business. Apart from reinsurance GIC would also help AGI in other technical field also.
Apart from GIC we will also have individual risk placements with other international Insurers for specific cases on the requirement of the client. Like for DBA & for other International clients.
General Insurance Corporation of India
The entire general insurance business in India was nationalised by General Insurance Business (Nationalisation) Act, 1972 (GIBNA). The Government of India (GOI), through Nationalisation took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business.
General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance.
As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalised undertakings were transferred to Indian insurance companies. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC (1) National Insurance Company Limited, (2) The New India Assurance Company Limited, (3) The Oriental Insurance Company Limited, and (4) United India Insurance Company Limited
The next landmark happened on 19th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force. This act also introduced amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India.
In November 2000, GIC is renotified as the Indian Reinsurer and through administrative instruction, its supervisory role over subsidiaries was ended.
With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force from March 21, 2003 GIC ceased to be a holding company of its subsidiaries. Their ownership were vested with Government of India
International Reinsurance Business
A GIC is spreading its wings to emerge as an effective reinsurance solutions partner for the Afro-Asian region and has started leading the reinsurance programs of several insurance companies in SAARC countries, South East Asia, Middle East and Africa. To offer its international clientele an easy accessibility, efficient service and tailor made reinsurance solutions; GIC has opened liaison/representative/branch offices in London and Moscow. GIC provides following capacities for Treaty and Facultative business on risk emanating from the international market based on merits of the business.
Shahre Now, Kabul Afghanistan