Azerbaijan Insurers Association: insurance community must promptly prepare plan for transition to distant operation mode

Azerbaijan Insurers Association: insurance community must promptly prepare plan for transition to distant operation mode

BAKU, Azerbaijan, March 30

By Yusif Aghayev – Trend:

Some slowdown in business activity caused by the need to take urgent measures to fight the spread of coronavirus (COVID-19) can certainly affect the country's insurance market, Chairman of the board of the Azerbaijan Insurers Association (AIA) Azer Aliyev told Trend.

“Most obviously, at first, the indicators for collecting premiums will decrease. In general, in the conditions of certain critical situations arising in the economic space, the insurance sector suffers first of all. This is because the insurance costs fall primarily under the sequestration as expenses not related to the satisfaction of primary and urgent needs,” Aliyev noted.

“However, this is not a reason to give up. It is during this period, when many, observing the special quarantine regime, are in isolation, that the insurance community must promptly prepare a plan for switching to a remote mode of operations. Those challenges that face society in the context of the spread of the coronavirus pandemic (COVID-19), cause concern about tomorrow, the well-being of their and their loved ones,” the chairman said.

Aliyev noted that under these conditions, the activities of insurance companies should be aimed at creating new insurance products that can meet the needs of customers in new changed conditions, as well as expanding online sales, adding that right now it’s important to convey a message to the public, which says: "Only with insurance you can protect yourself from existing risks and confidently look to the future".

“Digitalization in the Azerbaijani insurance sector is at the level that such types of compulsory insurance as compulsory motor third-party liability insurance (OSAGO) and insurance against industrial accidents and occupational diseases are already carried out in electronic format, without paper documentation. The electronic platform of many insurance companies allows the issuance of insurance contracts for voluntary types. So, travel insurance has long been issued in many companies in this format,” said the chairman.

According to Underwriting Director in Azerbaijan’s AtaSigorta insurance company Nigar Ibrahimova, the company switched to issuing insurance certificates for comprehensive motor vehicle insurance (CASCO) in electronic format. In trun, Gala Sigorta insurance company launched a mobile application on compulsory insurance.

“We are not making bright plans, but we are optimistic about the future! I am sure that in this difficult situation, the entire insurance community of Azerbaijan will be able to unite and demonstrate solidarity with the people, Aliyev concluded.

Iran reveals COVID-19 data for May 24
Iran reveals COVID-19 data for May 24
Iran reveals its COVID-19 data for May 23
Iran reveals its COVID-19 data for May 23
İran unveils nano-test kit for coronavirus
İran unveils nano-test kit for coronavirus
Loading Bars
Latest
White House limits travel to U.S. from Brazil due to coronavirus
Italy's COVID-19 death toll rises by 50 to 32,785
Coronavirus could cost Mexico a million jobs: president
UK COVID-19 deaths rise to 36,793 as another 118 patients die
Israel reports no COVID-19 death cases for 4 consecutive days
5.8-magnitude quake jolts Wellington, New Zealand
Spain's coronavirus death toll rises to 28,752
British PM Boris Johnson defends adviser over apparent breach of lockdown rules
India domestic flights to resume, but coronavirus cases rise
Singapore reports 548 COVID-19 cases
Oil demand projected to drop by more than 10% for 2020
Number of COVID-2019 cases across globe up by over 101,000 in past day - WHO
First Vice-President Mehriban Aliyeva extends Ramadan congratulations to the people of Azerbaijan (PHOTO)
Azerbaijani, Turkish FMs hold phone conversation
Areas-supplied with irrigation system to increase in Iran's Sistan and Baluchestan province
Turkey: Coronavirus recoveries at nearly 120,000
Azerbaijan discloses number of coronavirus tests
Israel limits coronavirus cellphone surveillance to 'special cases'
Hong Kong police arrest at least 180 rioters, several officers injured
Iran starts to provide public transport with dual fuel
Peru registers 115,754 COVID-19 cases with 3,373 deaths
5.3-magnitude quake hits 122km SW of Mapastepec, Mexico
Hong Kong police fire tear gas as thousands protest security law
Russian COVID-19 cases increase to 344,481
Azerbaijan confirms 140 new COVID-19 cases, 101 patients recover
Iran and Turkey may open borders soon
Iran's Esfahan Oil Refining Company discloses amount of spending
Azerbaijani president extends Independence Day greetings to King of Jordan
Metallurgical production surges in Azerbaijan
Production of industrial pipes to surge in Azerbaijan
Over 90% of US investments in Azerbaijan account for oil and gas industry
Iran reveals COVID-19 data for May 24
Facilities to be commissioned at airports of Iran's Mazandaran province
EBRD supports Azerbaijan’s tea industry
Apartment prices up in Iran’s capital
Ministry: Iran's mining sector can be alternative to oil sector
Ecosystem of startup projects developing successfully in Azerbaijan
New committee set up in Iran's Ministry of Industry, Mine and Trade
Goureh-Jask pipeline to accelerate Iran's oil exports
Iran announces volume of cargo loaded and unloaded in ports
Azerbaijan’s Agricultural Insurance Fund develops requirements for founders of management company
Anglo Asian Mining PLC talks about projects on existing fields
Peru registers 115,754 COVID-19 cases with 3,373 deaths
5.3-magnitude quake hits 122km SW of Mapastepec, Mexico
Armenia violates ceasefire with Azerbaijan 22 times
ADB reveals planned loans to be allocated for Azerbaijan in 2020-2022
Afghan Taliban announces 3-day ceasefire during Eid al-Fitr festival
Buenos Aires lockdown extended until June 7 after rise in coronavirus cases
China state planner confident consumption to show improvement in May
Vatican Museums, Holy See's cash cow, to reopen from June 1
5.6-magnitude quake hits Mid-Indian Ridge
Fossil of one of the last megaraptors on the planet found in Argentina
Moroccan king pardons 483 prisoners
Rome exhibition marking 500 years since Raphael's death to reopen in June
World Cup winner Goetze to leave Dortmund at end of season
No change to two-meter social distancing rule in Ireland: PM
Spain sees falls in new COVID-19 deaths, cases
Iran parttakes online at NAM summit to combat COVID-19
Azerbaijani IT company talks production of disinfection device
Azerbaijan increases alternative energy production
Azerbaijan’s Central Bank should conduct dialogue with all insurers, says expert
Azerbaijan's statistical committee reveals production data for industrial sector
Azerbaijan increases agricultural production
Covid-19 is heavily bearish for global LNG sector
Azerbaijan reveals terms for returning deposits to liquidated banks' customers
Azerbaijan to triple compulsory property insurance fees
Azerbaijani startups win chance to take part in int'l training programs
Iran's Khorasan Steel Company’s production volume increases
Iran discloses production volume of Sefid Dasht Steel Company
Iran announces volume of chromite produced in Semnan province
Iran reveals amount of cooking oil needs
Iran Energy Exchange announces products to be on sale May 26
Industry accounts for over half of capital investments made in Azerbaijan
Azerbaijan's Finoko NBCO talks new credit evaluation system
SOCAR Petroleum reveals figures on LNG sales over years
Azerbaijan's Azeri LT oil price down
Azerbaijani IT company describes new games for PC, smartphones
Azerbaijan doubles purchase of non-financial assets for agriculture and forestry
Death toll from Pakistan airliner crash 97, black box found
Russia reveals volume of agricultural products’ export to Georgia
Uzbekistan becomes one of Tajikistan's top donor countries
Uzbekistan aims to start saffron cultivation
Cyclone Amphan loss estimated at $13 billion in India, may rise in Bangladesh
Malaysia reports 48 new coronavirus cases, no new deaths
Iran reveals volume of wheat and rapeseed purchased in Kohgiluyeh and Boyer-Ahmad province
EU4Energy to focus on Georgia's gas market
Azerbaijan reveals 127 new COVID-19 cases
Iranian government aims to create 96,000 jobs in Tehran
Kazakhstan Railways purchases country's largest logistics terminal operator
Iran's product export to Afghanistan stabilizes
Iran reveals its COVID-19 data for May 23
Weekly review of Azerbaijan's precious metals market (May 15-22)
Turkmenistan’s Turkmengas opens tender for purchase of equipment
Uzbekistan exempts imported building materials from customs duties
Singapore's health ministry confirms 642 more coronavirus cases
Philippines reports six coronavirus deaths, 180 more cases
Indonesia reports 949 coronavirus new cases, 25 new deaths
Turkmen Health Ministry opens tender to buy medical equipment
Kazakhstan's Air Astana to establish cargo transporting division
KBR to establish engineering and support services JV in Kazakhstan
All news