Participants in the local insurance market use its potential by only 15%.
As the head of Azerbaijan Insurers Association (AIA) Orkhan Bayramov said today, World Bank experts estimate the potential at $ 4.4 billion insurance premiums while the real sum is $ 600-640 million. For comparison - the share of premiums is only 0.7% of GDP, while in Eastern Europe, not to mention the West, the premiums are from 4 to 6%.
According to Bayramov, WB experts made a number of recommendations for the protection of consumers of insurance services - in particular, it is proposed to develop uniform rules and grievance mechanisms, adhere to the rules of "single window" in the implementation of insurance payments. According to foreign experts, when an insured event happens, it should be directed to an insurance agent or the insurance company, which is engaged in registration of the insurance contract.
The head of AIA added that experts suggest to apply licensing of businesses and individuals involved in the provision of support services to the insurance market. In addition, it is recommended to prepare a code of conduct for insurance agents and insurance brokers, as well as to develop a common strategy to combat insurance fraud in the insurance market of Azerbaijan. --17D-
Economics
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