Azerbaijani company sees growth in premiums on compulsory real estate insurance

Economy Materials 15 July 2019 12:44 (UTC +04:00)

Baku, Azerbaijan, July 15

By Kamalya Mammadli - Trend:

In the first half of 2019, premiums for real estate insurance of Azerbaijan’s Ata Insurance company amounted to about 122,000 manats, and this is 12 percent more than in the same period last year (about 110,000 manats), Fariz Hajizade, director of the insurance services company, told Trend.

He added that in compulsory civil liability insurance for the operation of real estate, an increase in premiums by 23 percent was recorded.

Speaking about the growing interest in real estate insurance, the director of the department noted that the company intends to offer its services to large and medium-sized enterprises.

“Recent events, namely, fires on large real estate objects, shopping centers and residential buildings, have led to an increase in interest in insurance in this area,” he said. “But, unfortunately, there hasn’t been much activity so far. Therefore, we have created a working group that will offer real estate insurance services to large and medium-sized enterprises.”

Answering the question about the company’s activity in the insurance of intellectual property, he noted with regret that Ata Insurance doesn’t work in this market segment for now.

He said that the company offers a package of services for insurance of geological exploration at deposits in the oil and gas sector.