Baku, Azerbaijan, July 3
By Kheyraddin Nasirzade - Trend:
Azerbaijan is actively working to develop the insurance market. The activities are carried out by the Financial Market Supervision Chamber of Azerbaijan, the Compulsory Insurance Bureau of (CIB) and the Azerbaijan Insurers Association (ASA), the chairman of the board of ASA, Azer Aliyev told Trend in an interview.
The chairman stated that the work is aimed at improving the legislation; changes in the rules for regulating insurance are also being considered.
Aliyev added that serious work is being done to improve the situation in the field of compulsory insurance; in particular, the fees for Compulsory Third Party Insurance (CTP insurance) are being reduced. Actuarial calculations of tariffs for this product are also conducted, the issue of pricing changes in this insurance segment is being considered.
Regarding the latter, Aliyev does not exclude that the amount of payments may increase. He explained this by the fact that the first actuarial calculations of tariffs were carried out nine years ago, which today requires revision, due to the development of the economic and social situation in the country.
Insurance fees for CTP insurance in Azerbaijan for January-May 2019 amounted to 38.046 million manats, which is 11.92 percent of total fees for insurance other than life insurance. Payments on CTP insurance for the reporting period amounted to 25.189 million manats, with a share of 26.86 percent of total payments.
($1-1.71 AZN on July 3)
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