The National Bank of Tajikistan (NBT) has extended an operating license of Tajik-China Insurance LLC for five years.
A decision on extending the term of the company’s voluntary insurance license was issued on February 19, according to the NBT press center. .
Tajik-China Insurance LLC has been operating in Tajikistan’s insurance market since 2015.
According to information posted on the company’s website, it was established by Chinese Corporation.
Tajik-China Insurance LLC, however, does not specify which Chinese corporation founded it.
The company is reportedly engaged in voluntary insurance of legal entities of various forms of ownership and personal insurance.
According to information posted on NBT’s website, Tajik-China Insurance LLC was established by Chinese national Janga Lu, and its authorized capital amounts to 500,000 somonis.
In late March last year, the Tajik government revised minimum capital requirements for insurance companies upwards to 10 million somonis.
Xprimm.com notes that at the end of the third quarter of 2020, the insurance market in Tajikistan expanded by 4.05% to 175.30 million somonis. At the same time, again, growth was provided by voluntary types of insurance, while compulsory insurance continued the downward trend, according to data published by the National Bank.
18 insurers now operate in Tajikistan insurance market, including two state-run insurance companies (Tojiksughurta – 5.2 million somonis and Tojiksarmoyaguzor – 15.6 million somonis), 15 non-state insurers and one mutual insurance support center.
The most active insurers of the private sector are Spitamen-Sughurta (87.7 million somonis) and MUIN (2.4 million somonis).
Among the prevailing classes in the market it is worth noting property insurance, personal insurance, liability insurance and life insurance.
