15:20 - 14.06.2023

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June 14, Fineko/abc.az. The biggest problem in the insurance market as a whole is unreliability, expert Oruj Ibragimov stated to ABC.AZ, when commenting on the stagnation in the insurance market.

He noted that in some cases both the client and certain insurance companies do not fulfill their obligations. This creates distrust of companies:

"In many cases, companies either fail to fulfill obligations or disappoint customers. This circumstance leads to the fact that people do not believe insurance companies and do not apply to them. Currently, large insurance portfolio has been formed on compulsory insurance. This portfolio originated for compulsory insurance of property or cars. Currently, there is a big gap in the market. However, there are many services on the market that you can use. But our insurance companies do not have access there, because they do not have good specialists. And they tend to acquire a certain portfolio. That is, everything is interconnected by links. Who buys the insurance product? The citizen. Many residents own cars, and during road accidents they face problems. At that, they believe this is happening in any direction, and therefore there is no revival in the insurance sector. That's why people don't trust insurance companies. And these problems started with car insurance. That's where the main problems lie. And there are many companies that simply have not built their work on certain services. The presence of these insurance companies in the market also creates problems for other insurance companies."

By Elmir Murad