At the beginning of September, Turkmenistan joined the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), thus becoming the 47th member country of ICIEC, the Corporation announced.
Guvanch NURMUKHAMMEDOV has been appointed as the new General Director of the State insurance organization, the single insurance institute of Turkmenistan, as the State information agency of Turkmenistan wrote.
The deputy general director of Turkmengosstrakh - Dovletmyrat GULMYRADOV was appointed as the acting General Director of this single insurance organization, as the State information agency of Turkmenistan announced on January 21 with reference to an official decree of the President of the country.
President of Turkmenistan Gurbanguly Berdimuhamedov at the beginning of the year was banned in the capital to use the cars differ in color from white, but now the ban has spread to all regions of the state.
The law on environmental safety came into force in Turkmenistan. The new legal act stipulates compulsory insurance of civil liability of enterprises and industries that are a source of increased environmental danger.
According to the XPRIMM estimates, the insurance penetration degree remains at a low level in GDP, 0.20% (2012-2014).
The State Insurance Organization of Turkmenistan, for the time being the sole insurance entity in the country, is completing the creation of a single information network, TREND news agency reported. The Turkmen State Insurance Organization has an extensive network in the country of more than 40 offices and is currently taken steps to expand its partnerships with leading international insurance, reinsurance companies and insurance brokers.
Turkmen President Gurbanguly BERDIMUHAMEDOV signed a decree on the establishment of relevant interdepartmental central committee at the Ministry of Economy and Development of Turkmenistan for the execution of the law "On denationalization and privatization of state property", TREND News Agency reported on August 1st.
Starting July 1st, 2014 in Turkmenistan the process of demonopolisation and privatisation of state property will begin, in accordance with the law adopted in December 2013 by the Turkmen Parliament. The new law enforcement also addresses the development of the insurance industry, as it allows the entrance of private capital in this area of business, previously completely controlled by the State through a state monopoly insurance company (The State insurance Company of Turkmenistan).
Compulsory ecological insurance is being introduced in Turkmenistan on
March 1, 2013 for enterprises and those conducting ecologically
dangerous activities according to an official source from Turkmenistan.
The Majlis (Turkmen Parliament) at the next meeting of the fourth
convocation of the country has approved the law on Insurance, an
official Turkmen source said today.
In the near future will be launched a new player on the insurance market of Turkmenistan, informed the local media. The company name will be ATIYACLANDYRYS Hyzmatlary ("Insurance Services"), and will have the following local entities as shareholders: TURKMENGAS (25%% stake in share capital as a founder), TURKMENISTAN Airlines (with a share of 15% of the authorized capital) and State Insurance of Turkmenistan (with a share of 10%).
In 2011 the gross premium written in Turkmenistan was of EUR 45.7 million, 15% more as compared to a year before. By insurance classes, voluntary segment predominated and represented 95% of total, a hardly usual situation for CIS Region. Looking at the past results, one should notice that the insurance market increased six times in last five years. Responsible for the development of the insurance industry is "the only one" company that operates: TURKMEN GOSSTRAKH which can be translated into "State Insurance Organization of Turkmenistan".