Insurer: Azerbaijan takes measures to develop insurance market

Azerbaijan, Baku, May 5 / Trend U. Ismayilova /

One of the main purposes of the implementation of the Law on "Compulsory Insurance against disability resulting from occupational diseases and accidents at work" in Azerbaijan is participation of the State in the development of insurance market in the country, Pasa Sigorta large insurance company's board chairman Nofel Rzayev said.

"This experience was used by many countries in Europe, particularly Great Britain, where the state introduced compulsory form of insurance to support this segment of the economy", Rzayev said.

He said that other actions will be made in Azerbaijan to implement this law, as international standards for technical safety at work and the intensification of the insurance sphere in the country are provided.

The need for the introduction of compulsory insurance in the workplace was proved by the fact of the collapse of a building in the center of the city in August 2007, which killed about 25 people. None of these people was insured. A construction company announced about bankruptcy.

The state took the costs of compensation to owners of apartments in this house, as well as the families of injured employees of the company.

Insurance companies will be able to refuse from cooperating with companies that fail to observe safety rules while enhancing risk management by concluding contracts to protect against possible damage.

Implementing of this type of insurance will also serve as a support for the regulatory authorities - the Ministry of Emergency Situations and labor inspection to ensure normal conditions for workers.

"Implementation of compulsory insurance against accidents at work in Azerbaijan will lead to an increase in the quality of working conditions", Rzayev said.

Recently, the Azerbaijani parliament plans to consider a bill on "Compulsory insurance and disability resulting from occupational diseases and industrial accidents" in the third reading.

According to the Labour Inspectorate under the Azerbaijani Ministry of Labour and Social Protection, in 2009 about 250 accidents took place, about 65 - in the construction sector. As a result of accidents 69 people died, including 32 people in the construction sector.

There are 27 insurance and one reinsurance company in Azerbaijan.

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