Actuaries to Engage in Problem of Profitability of Hull Insurance

Previously, the most sought-after voluntary car insurance becomes unprofitable. The share of premiums in this segment of the market falls from year to year. For this reason the Association of Insurers of Azerbaijan (AIA) jointly with the State Insurance Supervision Service under the Ministry of Finance of AR held a meeting with 21 actuaries.

The event organizers believe that precise mathematical calculations will help bring the benefits of hull insurance to maximum profitability and revive interest in this type of insurance. "The meeting underlined the need to strictly observe the instructions for the actuarial calculations of the implementation of automobile insurance," the press release of the Association said.

This, according to the panelists, will reduce the average insurance rate that will increase the competitiveness of this market segment. Experts believe that this is a half-measure and as long as the central bank will not allow loans to buy cars in the secondary market, the issue of Hull insurance profitability will not be completely solved. --17D-

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