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Akbar Madatli: â€˜Lack of long-term investment instruments delays the development of life insurance market in Azerbaijanâ€™

05 July 2012 10:07 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. One of the main reasons delaying the development of life insurance market in Azerbaijan is related to low level of populationâ€™s income and lack of available investment instruments in the country, Atesgah Lifeâ€™s Deputy Chairman of Board Akbar Madatli said at the international insurance forum held in Baku, APA reports.

To him, other reasons â€“ lack of high-skilled personnel, wrong pursuance of marketing policy and low level of YTM on securities.

Madatli says in order to accelerate the development of life insurance market in country, it is important to apply new investment instruments for collections on long-term life insurance policies, attract foreign companies that can contribute to the market by developing marketing and innovations of life insurance products, as well as to improve compulsory insurance types, conduct developments in appropriate documents connected with pensions for progress of pension insurance type.