Expert: Coronavirus caused $20 trillion in damage to insurance sector


March 31, Fineko/abc.az. The coronavirus epidemic has not spared the insurance sector, stated expert Ilkin Ibragimov in an interview for ABC.AZ, when commenting on the impact of coronavirus on the insurance sector.

Despite this, Ibragimov believes that the stay of citizens in homes under concluded insurance contracts has a positive effect on types of insurance that do not include life insurance. The expert explains this as follows: "Insurance cases reduce as much as possible. This is the positive side of the question. And the problem side of the current situation relates to the fact that citizens do not sign new insurance contracts.

Initially, it was estimated that the damage caused by the virus in the world, especially in America and Europe, would be measured in 20 trillion dollars. The leading share of insurance products in developed countries consists of bankruptcy, insurance against termination in force majeure and emergency situations, which is currently very actual."