Baku, Azerbaijan, July 14
By Kamala Mammadli - Trend:
Property insurance services are generally used by legal entities, Deputy Chairman of The Board at Ateshgah Life IC Orkhan Shirinli told Trend.
According to him, recent incidents, in particular the large fire in Baku’s "Diglas" shopping center, gave reason to believe that entrepreneurs will think more about insuring both their immovable and movable property.
However, the growth expected in this insurance segment is lacking, Shirinli believes.
"Recently, the increased cases of fires in the country led to a demand for this type of insurance. Entrepreneurs have already begun to understand its importance. But despite this, the demand is not reflected in real numbers. As such, it can be said that demand did not affect increase in the number of insurance contracts," Shirinli said.
According to Shirinli, referring to official data, when comparing the 5 months of 2019 with the same period last year, there is a tendency in the market towards a decrease in fees, rather than an increase.
"In general, it should be noted that 47 percent of total property insurance falls to compulsory real estate property insurance," Shirinli said.
While answering a question regarding the company's activities in the oil and gas sector, Shirinli noted with regret that Ateshgah does not have many such contracts.