Turkmenistan Modernizes Its Insurance Sector

BUSINESS TURKMENISTAN
Turkmenistan Modernizes Its Insurance Sector
The State Insurance Organization of Turkmenistan is established in 1992 and today has in its structure 41 independent insurance organizations located all over the country.

The State Insurance Organization of Turkmenistan, carrying out different types of insurance and reinsurance activities, today provides the population with six types of compulsory and 40 types of voluntary insurance services.

The organization has successfully implemented the State Programme for Development of Insurance Activities for 2011-2015.

The main goal of the programme was to create an effective tool for protecting the interests of individuals and legal entities, as well as improving the insurance sector.

According to experts, establishment of cooperation between insurance companies of Turkmenistan and the leading international insurance companies such as the French AXA Group and the German Allianz SE will provide an opportunity to improve this sector in the future. The above-mentioned international companies are among the 2000 largest public companies in the world, according to the Forbes Global 2000 ranking.

President of Turkmenistan Gurbanguly Berdimuhamedov signed on March 26 this year a Decree, approving the list of insurance types, according to which legal entities of Turkmenistan can conclude agreements with foreign insurance companies.

The State Insurance Organization of Turkmenistan is established in 1992. The organization has in its structure 41 independent insurance organizations located all over the Turkmenistan.