BAKU, Azerbaijan, Nov. 25
By Zeyni Jafarov - Trend:
Life insurance has a great share in the insurance market of Azerbaijan and this insurance class includes several types, each of which has separate characteristics, Advisor to the Executive Director of the Azerbaijan Insurers Association (AIA), Mammad Aghayev, told Trend.
According to Aghayev, at the end of the third quarter of 2020, the share of the life insurance market in the total fees made up 41 percent, which is the largest share.
“A large number of fees are carried out in compulsory types of life insurance, namely in compulsory insurance against industrial accidents and cases of loss of professional ability to work caused by occupational diseases,” said Aghayev.
“An increase in the dynamics of fees can be seen in some voluntary types of life insurance. Here, the main positions are occupied by life insurance against death, disability insurance, and insurance against incurable diseases,” said the advisor.
Among the types of insurance for which positive development trends are observed, he especially noted compulsory real estate insurance and compulsory civil liability insurance of vehicle owners.
“Naturally, as in other types of insurance, the main priority is the development of the life insurance market and bringing it to a wider insurance contingent. The AIA believes that the development and promotion of new and stimulating products in the named type can provide insurance interest in this type,” Aghayev added.
The Azerbaijan Insurers Association was registered on December 29, 2006.
Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on Nov. 25)
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