Afghanistan Chamber of Commerce and Industries (ACCI) on Sunday said that the absence of a proper policy and law for the insurance sector in the country has left it underdeveloped.
ACCI officials threw light on the importance of having a well-developed insurance sector to create a healthy investment system within Afghanistan.
Although, there are insurance services available in the country, but ACCI officials believe that lack of Government's control in the sector, high prices of insurance, lack of awareness among people and lack of trust on the insurance companies are the reasons behind its failure.
Meanwhile, the Insurance Department at the Ministry of Finance accepted the existence of some challenges in providing the insurance services but said that soon three insurance companies will start their operations in Afghanistan.
"We are in talks with three big insurance companies and they will soon start their operations in Afghanistan. We will even promote Islamic insurance in the country," Head of Insurance Department at the Ministry of Finance, Mohammad Arif Hameed said.
These comments from the officials come in at a time when the Insurance Law hasn't been approved until now. It is unclear how the Afghan Government will supervise the insurance companies in the absence of an Insurance Law.