The history of insurance industry in Afghanistan starts with a general insurance company from year 1963 by a governmental insurance company named “Afghan National Insurance Company” (ANIC). In 1974 first insurance law implemented in the country and in years 1979 and 1989 some articles in the insurance law of Afghanistan has emendate and after final emendate in some articles in 2005 it announced as the new insurance law of Afghanistan and till now we implement it.
Afghanistan Insurance Authority (AIA) was established in year 2005 in the Ministry of Finance. At first the name of AIA was Insurance Supervisory Administration then in 2008 the name changed to Insurance Commission of Afghanistan.
After that the minister’s cabinet renamed it to Afghanistan Insurance Authority.
A stable, secure, developed and financially a self-sufficient Afghanistan and an insurance authority that is accountable, transparent and responsive to the needs of its clients /stakeholders.
To protect policy holder’s interest and to develop a robust insurance industry in Afghanistan.
The Main Goals of Afghanistan Insurance Authority are as below:
Duties and Responsibilities’:
Achievements of Afghanistan Insurance Authority
Afghanistan economic development in the last decade a golden opportunities for investing in the insurance sector
Currently, 18 banks, 6 telecommunication, 10 civil aviation, 4 insurance companies are operating in the country. Also in the following table you can see the numbers of others sector companies operating in the country which are a good opportunities for insurance industry development:
An overview of insurance industry in Afghanistan
At the moment five insurance companies are operating in general insurance activities and each year we renew their licenses and that are as below:
Afghan National Insurance Company (www.anic.gov.af)
Insurance Corporation of Afghanistan ( www.icaaf.com )
Insurance Group of Afghanistan (www.igoaf.com )
Afghan Global Insurance ( www.afghanglobalinsurance.com )
Sky International Insurance (www.skyint.insure)
Currently the insurance companies are offering the following assurance products.
The introduction of those mentioned insurances products in the country indicate the insurance sector growth in our country .which means this sector getting roots in our country during last year’s.
Insurance Companies Establishment Guide
A. the license fee for insurance company is 500,000 Afs
B. the license fee for insurance broker is 200,000 Afs
C. the license fee for agent and survivor is 100,000 Afs
The New Drafted Insurance Law and Regulations
The Afghanistan Insurance Authority is currently working on the new drafted insurance law of Afghanistan, after passing of this law from the parliament the insurance law of July 2008 will be revoke.
As it is clear for all that the guidelines, procedures and regulations are the speaking language of the laws, so the Afghanistan Insurance Authority drafted the following regulations:
Our Working Team