Head of Finance Ministry Service: Assets and Liabilities of Insurance Companies Denominated in National Currency
The insurance market is perhaps the only segment of the local economy, for which the February devaluation of the manat had a limited impact, the head of the State Insurance Supervision Service under the Finance Ministry Namig Khalilov said in an interview published in the edition of the review Xprimm (Romania).
The reason, according to experts, is that both assets and liabilities of insurance companies are denominated in the national currency, which is why insurers have not undergone a significant currency risk.
At the same fees for some types of insurance (Hull car insurance, for example) have decreased, but the total volume of premiums in the market, according to the June 1, increased by 9% compared to the same period last year. According to Khalilov, the growth of the cost of covering the damage will affect the profitability of the insurance business. Insurers can neutralize the negative effect on profitability by reducing the costs of doing business and streamline business processes. --17D-
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