The UK-based Capital Finance International declared Insurance Corporation of Afghanistan (ICA) as 2019 winner of the Best Insurance Company (Afghanistan) award.
The judging panel of Capital Finance International unanimously declared ICA as the winner of the award, recognizing the impressive portfolio of the company, tailor-made insurance solutions and the company’s continued role in fueling product development to best serve Afghanistan’s needs.
“At a time when Afghanistan was an active war zone – and most in need of safeguards against the unthinkable – Local businessmen educated in the UK established the country’s first private insurance company. Insurance Corporation of Afghanistan (ICA) was founded in 2007 and has been instrumental in the growth of the nation’s insurance market despite all the political and economic challenges,” the judges’ panel of CFI said in its report.
The report further added “The current company’s impressive portfolio of insurance protection plans features the usual coverage for health and personal accidents as well as some innovative solutions for niche needs, including business interruption, banking, transport and cargo, construction, medical malpractice, and general liabilities.”
Meanwhile, the report stated that new Government initiatives requiring compulsory fire insurance for commercial properties is expected to give a boost in new premium income for the Company which shall reflect improvement of construction standards as required by ICA underwriting experts in turn benefiting the country as a whole.
“ICA develops insurance solutions that are tailored to the Afghan market needs that is always supported by top “A” rated reinsurance markets,” the report said, adding that “One of its flagship products is it’s unique group personal accidents & terrorism insurance that is catered for market needs, while its refined new development – healthcare plus – is finding favor across a broad market base as ICA introduced Assist America emergency Medical EVAC services, the 1st of its kind in the local market offering additional peace of mind to both humanitarian as well as to major organisations.”
The report also highlighted that the company has received praise for its leadership role in the Afghan insurance market through deploying unique services combined with the unmatched ability to settle insurance claims on time, and that sentiment was backed by an investment of $5m from the private equity fund InFrontier in 2018 who aims to expand IcA across Central Asia.