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The results of insurance system activities of the Republic of Tajikistan in 2023 were summarized
On March 1, 2024, the final meeting on situation of the insurance system of the Republic of Tajikistan in 2023 was held in the National Bank of Tajikistan chaired by Deputy Chairman of the National Bank of Tajikistan Ikromi Sirojiddin Salom.
The senior officials of structural subdivisions of the National Bank of Tajikistan, heads of insurance institutions and National Association of Insurance Organizations of Tajikistan have attended the meeting.
At first, Deputy Chairman of the National Bank of Tajikistan Sirojiddin Ikromi has noted that insurance as a system of protection and support of the interests of individuals and legal entities in the field of ensuring the safety of life, health and property is the main socio-economic element of society and it is crucial for the development of economic sectors and national economy. Insurance is aimed at implementing the principle of covering losses and at the same time, in modern conditions, is considered one of the instruments of financial stability of countries.
It was noted that in 2023, despite the impact of the world’s difficult situation, including regional conflicts, political sanctions, trade conflicts and their direct impact on the national economy, the development of the country's insurance field was ensured.
In particular, in the reporting year, the assets of the system increased by 18.1% compared to the previous year, equity - by 18.7%, insurance reserves - 11.3%, insurance premiums - 33.9%, investments - 6.8%, savings in financial credit institutions increased by 63.4%, while insurance payments and compensation decreased by 13.6%.
Sirojiddin Ikromi stressed that the country's top leadership pays special attention to the development of the insurance system and gives specific instructions to bring it in line with the requirements of international standards
In particular, in order to ensure the development of the insurance field the attention of international financial organizations was attracted, and several technical assistance projects were implemented, including the implementation of a modern reporting and analysis process, development of an Insurance Market Development Strategy and professional development of the field’s specialists.
In order to achieve the goals set by the Government of the country, the National Bank of Tajikistan takes timely and effective measures to ensure the development of the insurance system using all available opportunities.
In this regard, one the National Bank of Tajikistan’s initiative appropriate amendments and additions were introduced to the Law of the Republic of Tajikistan «On Insurance Activities», which was signed on March 1, 2024 by Founder of Peace and National Unity, Leader of the Nation, President of the Republic of Tajikistan, honorable Emomali Rahmon.
«The Law of the Republic of Tajikistan «On introducing amendments and additions to the Law of the Republic of Tajikistan «On Insurance Activities» is aimed at improving the system of insurance organizations, monitoring the activities of insurance market participants and regulating the licensing system for insurance activities, » - stressed S. Ikromi.
Then, Dilbar Huseynova, the Head of Insurance Supervision Management of the National Bank of Tajikistan, addressed the meeting on the main indicators of the insurance system by making detailed presentation «Situation of the insurance market in the Republic of Tajikistan in 2023».
During the discussion, topical issues of asset quality, capital volume, insurance premium, expediency of insurance payments and compensations and other existing problems were considered and analyzed.
In the final part of the meeting, Deputy Chairman of the National Bank of Tajikistan Sirojiddin Ikromi discussed the activities of each insurance organization separately and called on the responsible persons of insurance organizations to conduct their activities in accordance with the provisions of legislation and take necessary measures to ensure liquidity and financial stability. At the same time, to take necessary measures to improve the quality of services, ensure transparency of operations, introduce modern and innovative services, improve the professional level of employees, expand advertising and explanatory work among the population and establish cooperation with country’s higher schools.
At the end, Sirojiddin Ikromi has noted that the National Bank of Tajikistan will promote to solve all existing problems of country's insurance organizations within its powers and continue to carry out structural and recovery reforms in 2024 by constant monitoring of the insurance market.
In conclusion, the responsible persons of the insurance market of the republic were invited to organize their activities in accordance with the current legislation and make a significant contribution to improving the socio-economic development of the country.
NBT