Compulsory health insurance introduction to significantly change Azerbaijani insurance market structure

Business Materials 30 January 2013 19:30

Azerbaijan, Baku, Jan. 30 / Trend, A. Akhundov /

The Azerbaijani insurance market will begin significantly changing after compulsory health insurance is introduced, head of the State Insurance Supervision Service under the Finance Ministry Namiq Khalilov said today.

"The market structure will not be changed much in the near future," he added. "Today, there is no reason for major changes. It will significantly begin changing after compulsory medical insurance is introduced. This will affect the market volume and its structure."

He added that there is some potential for developing voluntary agricultural insurance.

"We can not say that today there is great interest on the part of agricultural producers, but on the other hand, the further development credit programs for farmers will make it easier for farmers to familiarize themselves with insurance," he said. "There are promising relevant programs. Firstly, it will be connected to loans (state soft loans, banks, non-bank credit organizations), but in the future, things may develop independently. Compulsory health insurance and voluntary agricultural insurance are two segments of the market where we can expect to see significant growth for the next 3-5 years."