Azerbaijan, Baku, Feb. 21 / Trend U. Ismayilova /
Azerbaijani insurance companies specializing in life insurance assess the market potential for compulsory insurance and disability resulting from occupational diseases and accidents at the level of 30-40 million manat per year.
"Perhaps, the companies will not cover all this potential in 2011, as there are some problems. They are associated with applying the law, as some companies have double-entry bookkeeping, that is they informally draw up real wages. But there are other problems," Deputy Chairman of Atesgah Heyat Akbar Madatli said.
He said that the companies have not started working with the trade unions for a month and a half of their activity in providing this new type of insurance services.
"Up to now we have focused on enlightenment work with employers, but we are ready to begin this activity with trade unions," Madatli said.
Vice-president of PASHA Heyat Niaz Ismailov also evaluates the annual fees on this type of insurance services at a level of 30-40 million manat.
Vusal Abbasov, a member of Qala Heyat Board of Directors, assesses the potential for compulsory insurance and disability resulting from occupational diseases and accidents at work in excess of 40 million manat.
"The income from this type of insurance will depend on the total payroll, as the tariffs on this type of insurance are calculated on its basis," Abbasov said.
Namik Khalilov, the head of State Insurance Supervision Service under the Azerbaijani Ministry of Finance, said earlier that introducing compulsory insurance and disability resulting from occupational diseases and accidents at work will improve the social development and welfare of the workable people of the country.
"It will also reduce the number of lawsuits between employees and employers due to the non-payment of compensation. The annual premiums for this type of insurance will vary between 30-40 million manat," Khalilov said.
The official exchange rate is 0.7948 manat to $1.