Expert proposal for future of insurance sector



October 3, Fineko/abc.az. The Jan-Aug figures show that the insurance sector is lagging behind after the change in the Tax Code. 

Expert Ilkin Ibragimov informed about this news to ABC.AZ when commenting on the previously submitted report on the situation in the insurance sector of the Financial Market Supervision Authority (Fimsa). 

The expert also presented encouraging conclusions concerning the insurance sector: "From January 2020 it is expected that premiums will double with the use of compulsory health insurance and agricultural insurance. President’s speech in connection with property insurance at the beginning of the year, the allocation of funds for the property with which the insured event occurred, and the preparation of the insurance development plan for 2019-2022 will be one of the factors to determine the dynamics in this area in the coming years. The growth in the property sector is certainly not comforting, but it is better compared with the previous year. I think more attention should be paid to educational measures. In addition, the services of independent insurance experts should be used more widely, their rights and obligations should be determined by changes in the law. A commission should be set up within the Financial Market Supervisory Authority in order to bring independent experts out of a passive position and ensure their full independence."


Author: Elmir Murad