Complaints against Standard Insurance sound more often - Khayal Mammadkhanli


November 1, Fineko/abc.az. Fair complaints have sounded so often lately that Standard Insurance delays or evades the payment of compensations for damage under various pretexts. That also affected insurer’s premiums.

In particular, the financial performance of the insurer for Jan-Sept 2019, reported previously by the Financial Market Supervision Authority (FIMSA) shows a 5% decline of Company's premiums.

Some links the delay in payment of compensations and the reduction of the SI’s premiums with upcoming closure of the company.

But whether the company can really close?

To clarify those questions, we addressed insurance expert Khayal Mammadkhanli.

The expert told ABC.AZ about complaints in connection with Standard Insurance and explained their reason in the following way: "There are more complaints about Standard Insurance than against its insurance companies. This relates directly to the processes taking place lately, especially after Standard Bank had suspended its work. I think Standard Insurance should decide to rebrand as soon as possible and carry out appropriate reforms in the management, including in its team in order to solve problems with capital. If this happens, the revival of the company is guaranteed in the shortest possible time. No one can wish for the closure of a company with normal operations and history. I hope they will soon undertake such reforms."