Insurers concerned over lack of long-term strategic vision for development of insurance market in Azerbaijan

Business Materials 9 May 2011 12:52 (UTC +04:00)

Azerbaijan, Baku, May 9 /Trend, A.Akhundov/

The most painful problem of the insurance companies in Azerbaijan today are the insurance tariffs, the chairman of the Supervisory Board of Azerbaijan Insurance Companies Association (AICA) Azer Aliyev told Trend.

"Practically all insurers complain on low tariffs on their products and services, groundless dumping of prices. This kind of illiterate competition affects both the quality of services provided, and the financial stability of insurance companies," said Aliyev.

Another problem for insurance companies is the lack of long-term strategic vision for the development of insurance business and insurance market in Azerbaijan.

"The insurance business is a business of not one year. To successfully develop an insurance company, it needs to understand what will happen with it in 10 years. And this understanding is not practical for most insurers," said Aliyev.