The 147-year-old Zurich, Switzerland’s largest insurer entered in to the Afghanistan’s market through partnership with ICA, Afghanistan’s first private insurance company.
The Insurance Corporation of Afghanistan has signed a partnership agreement with Zurich, one of the top global insurer with over $47 billion annual revenue.
Jamal Asfour, Chief Executive Officer of ICA said this is an exclusive partnership which enables Zurich to insure risks in Afghanistan.
Such milestone proves ICA’s ability to deliver top notch insurance and risk management solutions to Zurich, Asfour said.
Mosa Kamawi, the director of insurance affairs at the Ministry of Foreign affairs of Afghanistan welcomed the presence of Zurich in Afghanistan and said:
Presence of multi-national insurers like Zurich will add further credibility to the Afghanistan’s insurance market which will persuade the international companies present in Afghanistan to use the local insurers.
Zurich is a multi-national insurance group which provides life and non-life insurance having over $395 billion assets and over 53K employees around the world.
There are five insurance companies in Afghanistan including the Afghanistan National Insurance Company (ANIC) which is owned by the government.
The deficiency of awareness, lack of law enforcement and political instability have been the major challenges for the financial risk management and insurance companies in Afghanistan.