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ATÄ°B: Azerbaijan should tighten compulsory health insurance law

30 April 2009 16:36 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. As Azerbaijanâ€™s insurance market is mainly focused on loan market, particularly mortgages and auto loans, there are a number of problems, said a report by Azerbaijani-Turkish Business Association (ATÄ°B).

According to the report, problems like low insurance culture, lack of public awareness about insurance, low capitalization of the insurance market, the shortage of skilled personnel in the field of insurance, the low level of insurance consumers protection are yet to be solved.

â€œIn order to reduce the impact of the crisis on the insurance industry and insurance market there is a need to tighten the law on compulsory health insurance, to encourage life-insurance business, to strengthen monitoring of portfolio diversification to reduce dependence of the insurance companies on one sector, to strengthen the work on the retail sale of insurance products, to tighten control over cost-effectiveness, to pay special attention to its capital and diversification of the portfolio when selecting an insurance company, to maximally insure business activities etc.,â€ said the report.