State Insurance coverage Supervision Services: vehicle loan limit did not affect industry

State Insurance coverage Supervision Service: automobile loan limit did not influence marketplace

Baku, Fineko/ The State Insurance Supervision Service below the Ministry of Finance of Azerbaijan encourages insurance coverage companies to intensify their pursuits and start to enter the market place for wholesome competitors.

Service’s head Namig Khalilov has stated that limiting the problems of car lending, despite the fact that insignificantly, but nonetheless impacted the country’s insurance industry.

“The share of insurance coverage of autos obtained on credit manufactured up 15% in the market last year. In the whole industry the limiting of car lending has had not serious affect, but it has impacted much the companies that formed their action mostly at the expense of banking insurance coverage. The formed situation has also affected the voluntary motor insurance, in which, incidentally, there is fantastic possible,” Khalilov explained.

He points out that the current situation demonstrates the value of diversifying portfolio by insurance coverage businesses, as effectively as the significance of conducting industry analyzes and operating promotions and new goods.

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