Azerbaijani official critical of local insurance companies
By Trend
In no country of the world does the state compensate for damage caused by a natural disaster, because the insurance system handles this, Ziyad Samadzade, Chairman of the Committee on Economic Policy, Industry and Entrepreneurship, said at a meeting of the committee on April 5, Trend reports.
The chairman noted that insurance companies, as a rule, are being excluded from risky areas.
"Insurance companies collect premiums, but do not compensate for damage when an accident occurs. This is a very serious matter. People hope that the state will take the responsibility [for compensating damages caused by natural disasters or tragedies] and compensate for the damage. But such practice does not exist in any country of the world. Imagine how many tragedies and natural disasters have occurred in the last 10-15 years, when the state took the responsibility for compensating damages."
According to Samadzade, it is important to develop the insurance market in Azerbaijan.
"It will be appropriate to hold hearings with the participation of government agencies, insurance companies, deputies and specialists, where issues on eliminating problems in the insurance industry will be discussed."
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