State Service: Number of insurance agents in Azerbaijan increased by almost a quarter in one year

Photo: State Service: Number of insurance agents in Azerbaijan increased by almost a quarter in one year / Business News

Baku, Azerbaijan, Dec. 11

By Emin Aliyev -Trend:

The number of insurance agents in Azerbaijan has increased by 24 percent in a year, head of the Department of Licensing, applications and complaints of the State Insurance Supervision Service under the Ministry of Finance, Mahir Abdullayev said on Dec.11, speaking at the second National Forum of Insurance Agents in Baku.

"As many as 800 insurance agents are operating in the market this year, including 52 legal entities and 748 individuals," Abdullayev stressed.

Insurance agents play an important role in the development of the market and the law does not impose restrictions on their number, Abdullayev said.

"The more the market develops, the higher the demand for insurance agent services. In 2012, 643 agents worked in Azerbaijan including 46 legal entities and 597 individuals," Abdullayev said.

The corresponding increase in demand began in 2011, Abdullayev noted.
"After the law 'On compulsory insurance' was introduced, the number of insurance agents started to increase. For comparison, in 2011 about 120 agents comprising 11 legal entities and 108 individuals were operating in the country," Abdullayev added.

Baku is hosting the second National Forum of Azerbaijani insurance agents. The forum is being attended by more than 200 representatives from the country's insurance companies, government agencies and experts. Delegates will discuss the problems of the Azerbaijani insurance market, as well as prospects for its development.

Translated by M.L.
Edited by S.M.

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