Bank Of Baku

Global financial crisis may affect motor insurance market in Azerbaijan

Global financial crisis may affect motor insurance market in Azerbaijan
# 24 November 2008 16:14 (UTC +04:00)
Baku. Elnur Huseynguluev - APA-Economics. The world financial crisis could affect motor insurance market in Azerbaijan, said Namig Khalilov, state Insurance Control Officer of the Ministry of Finance.
According to him, the crisis could manifest itself in a fall in revenue from motor insurance. “With the exception of automobile insurance, the crisis would not affect other segments of the market. Currently, insurance companies are doing some preparatory work, by reconidering their expenses. In the current circumstances we can not see the impact of the crisis on the insurance sector, it will be possible in the last quarter of 2008,” he added.
He added that the reduction in insurance premiums would not affect all insurance companies since there are insurance companies with a small share in car insurance segment.
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