Baku, Azerbaijan, July 16
By Zulfiyya Gurbanova - Trend:
Voluntary health insurance is one of the most unprofitable insurance types, therefore many companies refuse to provide these services.
Chairman of the committee on voluntary insurance of the Azerbaijan Insurers Association, Deputy Chairman of the "A-Qroup" insurance company, Ali Bayramov told journalists.
The "A-Qroup" insurance company is the only company in Azerbaijan whose loss ratio on voluntary health insurance does not exceed 75-78 per cent, whereas a 95 percent loss ratio on this type of insurance is considered normal in the world, he said.
"There is no similar indicator in any other company. Despite the fact that the prices for the products of voluntary health insurance of our company are more expensive than others, we have a lot of serious customers, primarily corporate. Unprofitableness of other insurance companies on voluntary health insurance significantly exceeds 100 percent," he said.
The payments for voluntary health insurance rose more than 5 percent in the first half of the year, according to Bayramov.
"The increase in payments on this type of insurance is due to the fact that now the medical institutions purchases more expensive equipment, which in turn leads to the provision of more expensive services," he noted.
"A-Qroup" insurance company was established in 1995 and provides services on 14 types of voluntary insurance. "A-Qroup" is the only insurance company selected by the International Finance Corporation (IFC) within the second phase of a pilot program to improve corporate governance.
There are 28 insurance companies and one reinsurance company operate in Azerbaijan.
Edited by CN