Belgian expert: There are some gaps in Azerbaijan’s insurance sector

There are some gaps in Azerbaijan’s insurance sector, like in most other countries, Professor of the Catholic University of Leuven Karen Vanhalle said during a panel discussion on the topic “Insurance under the influence of climate change” at the international insurance forum in Baku, Report informs.

“We are talking about the lack of insurance products that would protect citizens from risks such as natural disasters. Natural disasters are occurring more and more often, and only a third of the damage in the world is covered by insurance. That is, during floods, earthquakes, hurricanes or other natural phenomena people are stranded. This is a big problem and the insurance market needs to be expanded to solve it,” he said.