Mortgage insurance development rates in Azerbaijan frozen

Mortgage insurance development rates in Azerbaijan are frozen, but like business, this type of insurance continues operating, said head of the observation council of the Association of insurance companies of Azerbaijan Camil Melikov.

He said the insurance companies continues to serve the previously rendered mortgage loans. "Moreover the market is supported by the credit lines, allocated by the international financial institutions to commercial banks to finance mortgage loans", noted he.

"As is known, the main element of the financial crisis is a reduction in prices of property, therefore, both banks and insurers should try to support the purchasing capacity of the population to avert market collapse. Yet it is impossible to insure such risks, as no such cases are observed in the global practice", noted Melikov.

/Day.Az/