Insurance market observes decline of AZN 46 million versus 2018


November 1, Fineko/abc.az. The situation in the insurance market is stable, says insurance expert Khayal Mammadkhanli, when commenting on the statistical data on the insurance sector for Jan-Sept, published by Financial Market Supervision Authority (FIMSA).

He points out that the trend observed in the market since early 2019 continues. Mammadkhanli told about the reductions in the sector and noted that there are no grounds for concern.

"Despite the fact that compared with the 2018 same term, the insurance market experienced a decrease of AZN 46 million, this decline was observed only on two types of insurance - voluntary life insurance and voluntary property insurance. The reduction in property insurance is not significant and, in my opinion, is temporary as every month the difference compared to last year narrows. However, the decline in life insurance is grave. Compared with 2018, there is a decrease of AZN 67 million. The causes are obvious -changes in the legislation on taxes and compulsory social insurance, which occurred last year, caused reduction of both premiums and the attractiveness and interest in life insurance. It gladdens that other types of voluntary and compulsory insurance, although with great differences, observe growth rates."