Insurance Companies of Azerbaijan Should Attach Great Importance to PR Activity: Expert

Business Materials 5 February 2008 15:26 (UTC +04:00)

Azerbaijan, Baku, 5 February / corr. Trend U. Ismayilova/ The high-skilled workers and the supply of the high-quality products are required to develop the insurance market of Azerbaijan, Dovlet Salimov, the chief expert of the Turkish-Azerbaijani insurance company Basak-Inam said.

According to the expert, the insurance companies should attach great importance to the advertising to achieve a marked increase in their income.

The PR activities are not of so great significance for the world insurance companies, but Azerbaijani companies should attach great significance to it as the people of the country do not trust them, Salimo said.

The insurance is one of the developing areas of the Azerbaijani economy. The marked increase has been observed in the Azerbaijani insurance market from 1992 to 2007. "Though the Azerbaijani insurance market is much younger as compared to the world market the there is still development," Salimov said.

According to the data of the Finance Ministry of Azerbaijan, some 29 insurance companies function in Azerbaijan. The combined collections of these companies totaled to AZN147,200,000 in 2007 which is almost 63% more than the similar figure of 2006.