Investment Priorities of CIB

The VII Azerbaijan International Insurance Forum started in Baku.

In his speech, the executive director of the Compulsory Insurance Bureau (CIB) Elkhan Guliyev said the structure of the investment portfolio will grow from the current 30 million to about 34 million AZN by the end of the year. According to him, over the past year investments in promising areas of activity have grown by half, and to minimize the risk funds are placed in dollars, euros and securities.

Another tenet of his speech is no need to increase tariffs for compulsory insurance. “Even in the developed countries against the backdrop of the crisis loss-making was 98-99% in this segment by the end of last year. We have it much lower, and the biggest problem of companies is connected with the commission for the agents. And a number of measures taken by the Financial Market Control House (FMCH) is associated with this,” he said,

The official also touched the issue of further investments - in his words, on 4-5 July he together with the Directorate of the FMCH will meet with the leaders of Audatex Azerbaijan within the framework of the negotiations on the purchase of 5% of the share of the foreign partner by his organization. The foreign partner is in charge of a unified approach to the system of damage assessment in compulsory insurance of civil liability of vehicle owners (CTP). These are not the first talks. In the past year this issue was also on the agenda, but no agreement was reached.

The company Audatex Azerbaijan was established on the basis of agreement between BCI and Sidexa and Audatex (Schveiz) GMBH in December 2014 and registered with the Ministry of Taxes of Azerbaijan on March 12, 2015. --17D-