Insurance market reformed in Turkmenistan
Turkmenistan, Ashgabat, July 9 / Trend H. Hasanov /
The insurance market is reformed in Turkmenistan. It is one of the main financial instruments of a market economy, the newspaper "Neutral Turkmenistan" reported. The policy conducted towards insurance proceeds not only from its development as a form of market services, but also from the realization that insurance is one of the levers of serious support economic and social stability," the article said.
Chief specialist of the Institute of Strategic Planning and Economic Development of Turkmenistan Nazir Khanmammadov spoke about the prospects of this segment.
She said that the State Insurance Organization of Turkmenistan, which has 40 independent insurance companies, operates in the field in the insurance segment.
The main aim of the Turkmen Insurance Company's activity is to provide insurance protection of state interests, residents, business, foreign investors, the provision of insurance services, according to international standards and taking into account the peculiarities of the market and customer needs, on terms favorable to policyholders.
The State Insurance Organization of Turkmenistan holds insurance of almost all risks known in the insurance market: property, personal responsibility. Now it can offer its clients more than 40 types of insurance, including 5 types of compulsory insurance.
The largest share (95 percent) is represented by the voluntary types of insurance, most part of which falls on voluntary property insurance. The volume of collected premiums for voluntary property insurance in 2009 amounted to 108,6 million manat.
Currently, insurance is all the guarantees necessary for the recovery of lost property interests arising as a result of unforeseen economic, technological and social risks.
The State Insurance Organization of Turkmenistan is working with the leading international insurance and reinsurance companies and insurance brokers. It actively uses a system of reinsurance in its work, which allows to create additional capacity of activities by placing responsibility for the risks taken on the insurance markets in Europe and Asia. Most part of reinsurance is carried by the leading insurance brokers of London insurance market, Marsh Ltd, Willis Ltd and others.
Permanent clients of the State Insurance Organization of Turkmenistan are many foreign companies that realize investment projects in oil and gas, textile industry, in construction of large projects, as well as joint ventures with foreign participation in the various sectors of the economy.
"The role and importance of the insurance market will increase due to the fact that its institutional members are able to accumulate large financial reserves. It is one of the capacious and stable sources of long-term investments, thus providing a strong impact on the real economy, all other components of the financial market, as well as social cohesion.