Expert: Insurance market growth is temporary


February 28, Fineko/abc.az. The insurance market observed growth in Azerbaijan. Thus, for January the insurers collected premiums for AZN 20.314 million on compulsory insurance (30% more against January 2018).

Expert Ilkin Ibragimov, explaining the causes of the growth of the insurance market in this period, told to ABC.AZ that this is linked with the mass appeal of citizens to insurance companies in the real estate sector.

He added that the main causes of this growth are insurance experts: "Unfortunately, the main cause of this increase is the lack of silence on the part of the Azerbaijan Insurance Association, the Compulsory Insurers Bureau and the Central Bank. I believe this growth is temporary, if you look at the statistics for February, it will be even less. And the increase in compensation payments is linked with the provision of payments on insurance cases that occurred last year, in January, and payments that ended at the end of the year. For a month of applications, it is very difficult to give a forecast for this year. I hope this growth will continue in the coming months."