BAKU, Azerbaijan, October 6. The Association of Banks of Azerbaijan (ABA) and the Association of Insurers of Azerbaijan (ASA) have formed a large-scale platform of intensive cooperation in order to strengthen the protection of the population and business against risks of various natures in Azerbaijan, ASA executive director Elmar Mirsalayev said at the signing ceremony of the cooperation agreement, Trend reports.
"The new cooperation platform envisages the expansion of insurance coverage against existing risks related to the life, health, and property of the bank's customers and the joint development and provision of insurance products that benefit customers for this purpose. ABA and ASA have established a joint project board and formed various expert working groups to implement the cooperation," he said.
According to him, within the framework of this platform, the first step is to expand the life insurance of consumer credit customers.
"As a first step within the framework of the platform under consideration, the expansion of life insurance for consumer credit customers is envisaged. Consumer credit life insurance provides affordable insurance for customers against the risks of death and disability. For this purpose, successful international experience was deeply studied, and local peculiarities were studied, on the basis of which a decision was made to form a mechanism for life insurance for consumer credit customers on more favorable terms. In the near future, the public will be informed in detail about the new conditions of credit life insurance," he said.