Insurance Companies Not Interested in Transparency - Expert

No disclosure of financial reports by insurance companies suggests that the vast majority of them operate at a loss and do not want to advertise it, said the executive secretary of the movement Republican Alternative (REAL), economist Natig Jafarli.

In an interview with Turan, the economist pointed out that if they provided reports to the regulator, but do not publish it on their websites, it cannot be considered a violation of law.

“I assume that they are not interested in transparency. They are worried that the disclosure of the real data about the companies will alienate them from potential customers,” he said.

Note that with the exception of the insurance company Silk Way Insurance, the vast majority of insurance companies do not publish their financial statements on their websites.

There are no reports both for individual quarters of 2016 and for the year on the websites of insurance companies.

Simple monitoring of the websites of the companies shows that only reports for 2015 can be found there.

Direct applications to the companies also did not give results.

Interestingly, the Financial Markets Supervision Authority, which in this respect demonstrates integrity in relation to banks, virtually forcing them to publish their reports on the official websites, is loyal to insurance companies in this respect. ---71D

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