BAKU, Azerbaijan, Dec. 12
By Nargiz Ismayilova – Trend:
The market of compulsory insurance of individuals’ real estate should be controlled, Azerbaijani expert in the field of insurance Kamran Babayev told Trend.
“Despite that the Law "On Compulsory Types of Insurance" has been in force in Azerbaijan since 2011, the process of compulsory insurance of real estate owned by individuals is not controlled and fines are not applied towards individuals,” the expert said.
“The revival which is observed in this market is associated with information on fines imposed on individuals who do not have the compulsory real estate insurance policy,” Babayev added.
"The compulsory insurance of real estate of individuals may be controlled from 2020,” the expert said. “The exact time is currently unknown. The process may slow down if fines are not applied towards individuals from next year who have not drawn up insurance contracts."
“The problem is distrust of people in insurance in general,” Babayev said.
"The statistics of fees has no relation to hype around this insurance market,” the expert said. “This is connected with the information about the introduction of a mechanism for monitoring the implementation of requirements for compulsory real estate insurance."