Afghan insurance companies criticized the Government of Afghanistan for not having come up with a comprehensive insurance policy

Owners of insurance companies criticized the Afghan government for not having come up with a comprehensive insurance policy in the past 17 years. They said government’s revenue from insurance has been extremely low despite good possibilities. According to these companies, annually millions of dollars flows out of Afghanistan due to the absence of insurance services in the country. They asked government to establish an independent insurance service promotion department to promote insurance facilities.The constant delay over the approval of an insurance law and irregularities in the insurance sector by government has forced people to turn to foreign firms, claimed the insurance companies. “Government needs to provide standard insurance facilities. Currently government is competing with the private sector while the monitoring of jobs of the companies is very weak and also the insurance law has not been approved so far,” said Naweedullah Gulzada, owner of a local insurance company. But, the finance ministry insists that it is trying to seek cooperation of other countries regarding the promotion and development of insurance services in Afghanistan. “We are using all resources to promote insurance facilities in the country, we are trying to seek the experiences of other countries in this respect,” said finance ministry spokesman. Currently, one state run and three private insurance companies are operating in Afghanistan.
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