Expert about decline of voluntary insurance in Azerbaijan

11:59 - 17.02.2020


February 17, Fineko/abc.az. The insurance companies have observed a decrease in the premiums on voluntary types of insurance.

Thus, last year they gathered voluntary insurance premiums for AZN 456.604 million for 2019 (by 14.8% less against 2018).

What is the cause of such a large decrease in the premiums? We addressed with such a question insurance expert Khayal Mammadkhanli.

The expert stated to ABC.AZ that in fact this difference should have been greater.

According to Mammadkhanli, the total premiums fell by 6.4%, and this accounts for voluntary insurance: "The large share in it accounts for accumulative life insurance. One of the main causes for the decline is last year’s decision in connection with life insurance. Precisely after the decision the cumulative life insurance began to decline. Even the total premium amount lowered by AZN 50-60 million. But the growth of other types of voluntary insurance reduced this difference. That is, this is the only cause of the decline in voluntary insurance - a decrease in cumulative life insurance."

By Elmir Murad

 

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