BCI Develops Proposals Aimed at Further Development of Compulsory Insurance

Compulsory insurance has become the locomotive of the development of the local insurance market. The purpose of the Bureau of Compulsory Insurance (BCI) is to develop proposals aimed at its further development, said the executive director of the accumulating entity Elkhan Guliyev in the ongoing in Baku VI Azerbaijan International Insurance Forum (AIIF-2015).

"We need to improve the efficiency of this segment of the insurance market, increase its penetration and insurance services as a whole", he said, noting that in the last year throughout the country were registered more than 3 million properties, with total insured up to 10 % of this volume. With similar problems, but to a lesser extent, car insurance faces - for now insured is about half the total number of registered 1 million 245 thousand vehicles. According to him, it is very low, because the Bureau’s goal is to bring the level of insurance to 90-95% in the next two years.

According to experts, to ensure that the application has become a reality, it is necessary to remove the gaps in the legislation allowing owners of vehicles and property to avoid fines in case of repeated non-acquisition of insurance policies. --17D-