BAKU, Azerbaijan, Oct. 11
By Fidan Babayeva - Trend:
In the current situation, the main goal of insurance companies in Azerbaijan is to make full use of the existing market potential, Azerbaijan Insurers Association told Trend.
The Azerbaijani insurance market is new compared to the world insurance market, but it is successfully developing as a result of the correctly chosen strategy of insurers.
"However, the most important factor hindering the development of the insurance market in Azerbaijan is the lack of awareness about insurance for individuals and businesses, as well as low confidence in this area," the association noted.
As a result, currently, there is a great need to deepen the insurance culture and improve financial literacy among the population.
"As a result of the inability of insurance companies to fully use the potential of the market, it is not possible to achieve the desired level of development in our days. We have a long way to go to do this. In the current situation, the main goal of insurance companies in Azerbaijan is to fully use the existing potential," the association said.
According to the Association, there are currently 21 insurance companies in Azerbaijan that offer 30-40 insurance products to their clients. Given the current economic and demographic state (population), this is quite satisfactory.
"Companies should seek people's interest in insurance products. This result can be achieved as a result of the correct sales strategy and implementation of advertising campaigns for insurance products," the association concluded.
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