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Forecast: Activity in compulsory insurance market of Azerbaijan may weaken

Financial Markets Control Chamber warned insurance companies not to sell compulsory insurance products at a discounted price

Baku. 9 June. REPORT.AZ/ Increase in control over the use of discounts in the implementation of compulsory insurance products in Azerbaijan may lead to a weakening of activity in the insurance market in the coming months.

Report informs, Director of insurance agency 'AS Prof' Jahid Gurbanov said.

According to him, Financial Markets Control Chamber warned insurance companies not to sell compulsory insurance products at a discounted price. This will lead to an increase in food prices and stagnation of sales offered to customers at least for one month.

"Until now, insurance companies have applied discounts, competing with each other. That is, the product offered at the price of 100 manats at the Bureau of compulsory insurance can be bought for 80 manats. Now, all companies will offer the standard price. This will cause customer dissatisfaction, and they will go to the standby position, as accustomed to discounted prices", said J.Gurbanov. 

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