AM Best’s BestWeek Features Interview With CEO of Afghanistan’s Oldest Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--In the latest issue of AM Best’s BestWeek, the CEO of Kabul-based Insurance Corporation of Afghanistan, the country’s first and largest insurance company, said in an exclusive interview that he expects his company to keep operating despite the political climate and ongoing chaos.

The withdrawal of U.S. forces after two decades prompted a swift and full takeover of Afghanistan by the Taliban, leading to mass evacuations and fleeing Afghan civilians. With Taliban control, Jamal Asfour, CEO of Kabul-based Insurance Corporation of Afghanistan, said the Middle Eastern country is stuck in political limbo as the international community weighs reaction.

“We see the statements of the Taliban,” said Asfour. “We see that there is a political gap currently in the country, which needs careful attention because this political gap is affecting our insurance industry.” He added that without international recognition, insurance-related restrictions could be placed on major banks, telecom companies or other major organizations operating in Afghanistan.

Asfour, who spoke with BestWeek from Jordan, said for now, his company is restarting operations, and that it work with regulators to ensure all products meet anticipated Shariah requirements. Insurance Corporation of Afghanistan was founded in 2007, and offers individual and business insurance including aviation, business, terrorism and political risk, health insurance, personal accident coverage and medical malpractice lines, among others. AM Best has no credit ratings issued in Afghanistan.

See the full interview in the Aug. 23, 2021, issue of BestWeek, which is published by AM Best for insurance professionals, and is available as part of a subscription to the Best’s News & Research service. More information about the Best’s News & Research subscription service is available at http://www.ambest.com/sales/insurancenewsandresearch.asp. For more information, contact AM Best Customer Service at [phone], ext. 5742 or at [phone] when calling from the United States and Canada.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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