Azerbaijan to lower insurance rates on mortgage loans

By  Trend

Azerbaijani insurance companies will lower the insurance rates on mortgage loans, the Azerbaijan Insurers Association (AIA) said in a message April 4.

The agreement to lower insurance rates on mortgage loans was reached as part of the meeting of AIA Chairman Mustafa Abbasbayli with the leadership of the Azerbaijan Mortgage and Credit Guarantee Fund.

“As part of the next meetings, concrete measures to be undertaken in connection with the agreement will be discussed,” the message said.

Presently, there are no uniform tariffs regarding mortgage credit insurance in Azerbaijan. Tariffs are formed by insurance companies on an individual basis and depend on risks.

Insurance companies collected premiums worth 1,900 manats on credit insurance for the first two months of 2018, according to Azerbaijan’s Financial Market Supervisory Authority. No payments were made for the reporting period.

(1.7 manats = 1 USD on April 4)