Azerbaijan talks sharp decrease in insurance payments

Economy Materials 3 March 2022 13:24 (UTC +04:00)
Azerbaijan talks sharp decrease in insurance payments

BAKU, Azerbaijan, March 3

By Nazrin Israfilova - Trend:

Azerbaijani insurance companies’ payments decreased in January 2022, Director General of the Azerbaijan Insurers Association Elmar Mirsalayev told Trend.

The director general of the Azerbaijan Insurers Association stressed that the payments for insured events amounted to 16.6 million manat ($9.8 million), which is 71 percent or 40.2 million manat ($23.6 million) less than in January 2021.

“The Central Bank of Azerbaijan, the Azerbaijan Insurers Association and the Compulsory Insurance Bureau have signed the Memorandum on Mutual Cooperation in the Systematic and Consistent Implementation of Insurance Literacy, Awareness and Prevention Measures,” Mirsalayev added. “The large-scale enlightenment process has been launched in the insurance sector as part of the memorandum since 2021. I would like to stress that this work brings results.”

The director general stressed that the Azerbaijan Insurers Association thinks that the decrease in insurance payments in the reporting period is directly related to the project being implemented upon the memorandum.

“Proceeding from the title of the memorandum, besides the improvement of the insurance literacy, the work is being conducted with insured citizens to prevent accidents,” Mirsalayev said. “We think that as a result of the successful implementation of preventive measures, the number of insured events and consequently, insurance payments decreased.”