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Why are largest insurance compensations made in life insurance? - Interesting expert explanations

04.03.2020,15:57


March 4, Fineko/abc.az. Despite the fact that compulsory motor vehicle insurance is the most popular type of insurance in Azerbaijan, the accumulation of the largest life insurance premium over the years is a very strange factor, said expert Ilkin Ibragimov, when commenting on the situation in the insurance sector.

According to Ibragimov, even if the changes made to the Tax Code last year have statistically reduced life insurance premiums, the leadership still belongs to this type of insurance: "The popularity and, we can say, the problem-free nature of life insurance are linked with the fact that there are fewer disputes during insurance compensation payments. In order to achieve growth on types of insurance not relating to life insurance, first of all it is necessary to ensure control over insurance compensations and, in accordance with the legislation, shorter procedures for their payment. For example, when insuring real estate, it is necessary to ensure the specificity of documents for insurance.

On the other hand, the newly-established Public Council under the Central Bank should enlighten citizens and entrepreneurs. If the above-said is realized, it will be one of the best steps in this direction."