VII Azerbaijan International Insurance Forum Starts

The VII Azerbaijan International Insurance Forum started in Baku

Speaking at the opening, the head of the Board of Directors of the Financial Markets Control House (FMCH)  Rufat Aslanli said the insurance sector has all the legal and regulatory environment for local and foreign investors. Noting the extensive growth, he noted a threefold increase in premiums and twofold increase in payments in the last 6-7 years, But he did not mention the main reason for this - the main charges and fees on insured events (about 70%) are distributed among the top five insurers, while the remaining 22 companies are most deprived of the opportunity to enter into corporate contracts on the background of the lack of economic freedom.

According to the official, the insurance sector is very concerned about the population, and the insurance market is adapting to the new economic situation in the conditions of falling oil prices and the devaluation of the manat to improve stability. "We work on risk transfer, regulation of relations between the insurance and reinsurance, and more efficient model. In addition, consumer protection and the balancing of interests in connection with insurance is one of the important directions of our activity. At the same time, we hold discussions about expanding the range of insurance services and coverage of compulsory and voluntary insurance, and carry out activities in this direction," he said.

He also noted positive changes in the sphere of legal regulation in the insurance industry, providing healthy competition and anti-dumping. --17D-