Closed Joint-Stock Company (CJSC) LIDER INSURANCE (Leader Insurance), which is one of leaders of Tajikistan’s insurance market, is closing down.
“CJSC LIDER INSURANCE with an authorized capital of 500,000 somoni is being shut down,” an official source at the company told Asia-Plus in an interview. The source refrained from giving further details.
“We are closing down because the company management has so decided. I do not know the details, but employees have already been dismissed and they making preparations for closing the company,” the source added.
CJSC LIDER INSURANCE (formerly ORIEN INSURANCE) was established on May 18, 2004. In accordance with the National Bank of Tajikistan (NBT)’s register, the only shareholder of company assuming the 100% ownership interest in LIDER INSURANCE is physical entity Rahmatullo Yaqubjon.
The company had offered 11 types of voluntary insurance: aircraft insurance; motor insurance; cargo insurance; civil liability insurance of damage; civil liability insurance of entrepreneurial risk; civil liability insurance of agreements; property insurance; insurance of construction works; rail insurance; individual life and health insurance; and passenger insurance.
At the moment, there are 20 insurers operating in Tajikistan insurance market, including two state-run insurance companies (Tojiksughurta – 5.2 million somoni and Tojiksarmoyaguzor – 15.6 million somoni), 17 non-state insurers and one mutual insurance support center.
The most active insurers of the private sector are Spitamen-Sughurta (87.7 million somoni) and MUIN (2.4 million somoni).
Among the prevailing classes in the market it is worth noting property insurance, personal insurance, liability insurance and life insurance.
In February this year, the National Bank of Tajikistan announced the creation of the National Association of Insurance Companies, which aims to support the development of insurance activity in the country. The Association reportedly sustains insurance market development and competition, as well as protects the rights of all insured objects.
Payments made by local insurance companies to customers last year reportedly amounted to some 11 million somoni, which is only 5 percent of premiums collected by insurers.
