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Turkmenistan improves national insurance system

Business Materials 2 April 2020 19:07 (UTC +04:00)
Turkmenistan improves national insurance system

BAKU, Azerbaijan, April 2

Trend:

Turkmenistan's insurance system is improving, Trend reports with reference to Turkmenportal information portal.

President of Turkmenistan Gurbanguly Berdimuhamedov signed a corresponding decree allowing ;pca; legal entities to conclude contracts with foreign insurance companies. The decree also aims to reach a new level of cooperation with traditional and new partners, the report said.

Insurance provides protection against financial shocks, natural disasters, and accidents, and the development of insurance system is considered beneficial to both the state and the citizens of Turkmenistan.

Turkmenistan actively develops this sector in the country, the report said. Propriety insurance is provided by the State insurance organization of Turkmenistan.

Furthermore, a state program of insurance and insurance activities was developed in Turkmenistan to implement insurance policies in the country. The main goal of this program is to protect the interests of individuals and legal entities, as well as to improve regulatory methods.

Turkmenistan has developed partnership with many foreign companies operating in the insurance sector. Among them are French AXA Group and German Allianz. These companies are among the top ten insurance companies in the world and provide more than 300 types of insurance in the field of finance, property, life and health, risk and accumulative insurance.

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