Azerbaijan, Baku, June 29 / Trend , U. Ismayilova/
World financial crisis has a slight impact on Azerbaijan's insurance market, Financial and Economic Research Consulting Director Azer Qarayev said in his interview with specialized AS Sigorta newspaper.
"To get out of the situation with small losses, many insurers have worked out simplified insurance packages which reject additional services and they reduce general expenses of insurers in their policies," Garayev said.
Insurance market Experts believe that the market situation will lead to an increase in fraud. The number of "occupational fraud" grew thanks to "amateurs" to improve its financial position through "suffering" of insurers.
Experts of the company believe that such a situation exists worldwide. Experts even fear that people who have problems with repayment of car credit and as a result are forced to become borrowers of banks, will initiate the auto catastrophe and the bank in turn will contact the insurance company to make payments on the insurance case.
Therefore, many insurers in the market expect a significant increase in the number of car theft, through which the insurer is obliged to pay the full value of stolen car.
Garayev said Audatex (Car Assessment Program) and Eurotax (program to determine the market price of the car) have been designed in many developed countries, including Russia.
Azerbaijani experts are also developing similar programs for the local market.
To support their image, many of the Azerbaijani companies try to significantly increase the number of customers, which creates additional opportunities for "insurance fraud", who use it in insurance payments.
There are 28 insurance and one re-insurance company in Azerbaijan. The total amount of payments to all insurers amounted to 15.23 million manat in January-April according to the Ministry of Finance.
On June 29, the official exchange rate is 0. 8041 manat to $1.
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