Expert sounds alarm about what happens in insurance market


October 9, Fineko/abc.az. Insurance companies try not to fulfill their obligations as much as possible, says expert Ekrem Hasanov, when replying ABC.AZ’s question about Standard Insurance's evasion of damages to citizens.

He noted that this concerns not only one company, but also many insurance companies. According to the expert, it has become a tradition for some insurers, including Standard Insurance, to avoid paying damages.

"The problem here comes from the Financial Market Supervision Authority (Fimsa), as Fimsa’s personnel potential in the insurance sector is weak. Now there are more or less specialists in the banking sector, whose employees have experience in the Central Bank and the Securities Committee. We can say that in general there is no securities market, so insurance companies are trying to do something. That is, Fimsa is unable to regulate these matters. The development of the insurance market is now under great threat. With an increase of such cases, citizens' confidence in the insurance system will decrease. The number one question in the financial sector is the question of legislation in general. The legislation should be improved," Hasanov thinks.