Azerbaijan expects increase in premiums on compulsory insurance of vehicles
Baku, Azerbaijan, Dec. 5
By Taleh Mursagulov - Trend:
Azerbaijan expects an increase in premiums on compulsory third party liability insurance of motor vehicles by 10-15 percent, Chairman of the Azerbaijan Insurers Association Mustafa Abbasbayli told Trend.
He noted that premiums on compulsory third party liability insurance of motor vehicles hold the biggest share in the insurance market of Azerbaijan.
"We don't expect this type of insurance to lose its leading position in the insurance market of Azerbaijan in 2019. This type of compulsory insurance increases its penetration into the market each time," Abbasbayli said.
As for other types of insurance, he noted that it is too early to predict the value of premiums in 2019 for various types of insurance due to the expected changes in the tax legislation, as well as in the insurance market.
Abbasbayli also added that no new insurance companies are expected to appear in Azerbaijan, and this is not necessary.
But at the same time, he noted that attracting foreign capital to insurance companies would have a positive effect on creating healthy competition in the insurance market of Azerbaijan.
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