Azerbaijan, Baku, 3 March / Trend corr. U.Ismailova / Life insurance may become one of the most developed insurance types in Azerbaijan in the next few years, Dovlat Salimov, expert and former official of the Azerbaijani-Turkish insurance company Basak Inam, stated on 3 March.
The expert said that life insurance is currently one of the lowest developed insurances in spite of life insurance being a leading insurance in foreign insurance markets. About 65% of insurance companies in developed countries are engaged in the life insurance sector.
Salimov said that life insurance is considered a separate product and there are companies which render only this type of insurance in some European countries.
In spite of the full-scale development of life insurance in the world, the Azerbaijani population does not rely on this type of insurance. There is a different opinion towards life insurance amongst the public.
The expert believes that the following reasons are the main obstacles for development of life insurance:
- distrust of the population,
- unemployment in the country,
- income rate of population,
- shortcomings of professional staff in this insurance type,
- weak promotion of life insurance,
- way of managing this insurance type.
The following is necessary for development of the service in the market:
- full-scale information,
- development of insurance universities,
- rise of monthly labor payments of population,
- development of marketing system,
- creation of actuarial institute in the country,
- development of staff potential in life insurance companies,
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