BAKU, Azerbaijan, April 26
Trend:
The decline in economic activity during the pandemic negatively affects the volume of insurance premiums which are collected in the Azerbaijani insurance market, Trend reports referring to the Central Bank of Azerbaijan.
On the other hand, minimizing physical contact between insured and insurers leads to a restriction of access to insurance services. Taking this into account, the measures are taken to ensure uninterrupted rendering of insurance services and protect the rights of insured people.
As part of these measures, it is envisaged to ensure effective access to the e-insurance services, and to receive insurance claims from policyholders to manage losses by e-mail and in electronic form (including video footages and photos of insurance accidents).
The recommendations were given for the insurers to grant a deferment in the payment of insurance premiums under voluntary insurance contracts until September 30, 2020 to policyholders directly affected as a result of the quarantine regime.
Insurers must take all necessary managerial and technological measures to fully adapt business processes to the new conditions of activity related to the pandemic, as well as ensure the conclusion of voluntary insurance contracts in electronic form (taking into account the requirements of Articles 899 and 903.7 of the Civil Code and the Law on Insurance Activity).
Insurers must post the information on the activity during the special quarantine period, as well as on the relevant procedures for the settlement of losses on their corporate websites.
To protect the rights of the insured, insurers must ensure the operation of a 24-hour hotline that supports the format of video calls.
The Central Bank of Azerbaijan developed the measures of additional support for the representatives involved in the financial sector within the action plan approved by the Cabinet of Ministers in connection with the implementation of the president’s order dated March 19, 2020 "On a number of measures to reduce the negative impact of the coronavirus pandemic (COVID-19) and the sharp fluctuations caused by it in the global energy markets and stock markets on the economy of the Republic of Azerbaijan, macroeconomic stability, employment issues in the country and business entities".
