Somalia Gets Its First Insurance Company In Over Two Decades
Dec. 29 marked a new frontier for the insurance company in the country of Somalia. In over 20 years, the country had no local insurance company in operations up to until last Monday, when the first insurance company was opened after more than two decades. This news should be a big sigh of relief especially for the business community operating in Somalia, which have had to do for so long without any insurance cover.
The insurance company, dubbed First Takaful and Re-Takaful Insurance Company will be providing life, car and house insurance in an insurance policy that is in line with the Islamic insurance principles. The General Director, Mohamed Abdi Mohamed said that the insurance company was set up to address the business community’s needs of being covered from risks as well as act as a platform for investment by the Somali youths.
“We are focusing on delivering Sharia compliant insurance products to any part of the country and across the world,” said Mohamed.
The country’s central government collapsed in 1991 and many businesses including insurance companies found it hard to operate under anarchy. Motor vehicle owners have been the hardest hit, given their mobility, they easily become a target for insurgents hurling hand grenades and other explosives.