Baku, Azerbaijan, June 4
By Emin Aliyev - Trend:
In the years to come, life insurance will become the most demanded product in the Azerbaijani market, Azerbaijan Insurers Association (AIA) Head, Orkhan Bayramov told Trend on June 4.
"The life insurance market is growing rapidly like the demand for this type of insurance product," Bayramov said. "The number of customer requests to the insurance companies has grown significantly. This type of insurance has long become a driving force in the markets of developed countries."
"I think a similar situation will be seen in our country as well - perhaps by late next year life insurance will become the most popular product out of the offered ones," Bayramov stressed.
He added that the reason for such an increase does not lie only in the success of promotion campaigns of insurers, but also in the fact that the model of life insurance products differs from other insurance products.
"For instance, if you are insured under the insurance of motor vehicles and there are no insurance claims over the contract term, the money paid by you will not be returned. The cumulative life insurance is more profitable for the customer from this point of view," Bayramov added.
Three companies with the right to engage in life insurance in Azerbaijan - Paşa Həyat, Atəşgah Həyat and Qala Həyat, collected 40.82 million manats in January-April, 2014 on all types of life insurance.
This figure exceeds the ones for the same period of last year by 53 percent.
The payments increased as well: compensations worth 2.39 million manats were paid in January-April 2014.
This figure is 73.19 percent more than the same period of the last year.
Edited by CN
