Azerbaijan, Baku, March 18 / Trend U. Ismayilova /
The insurance market in Azerbaijan can be developed to increase the insurance culture level among the population, to increase the range of investment instruments related to life insurance, and for a strong marketing system, Atesgah Heyat employee Shafag Hasanova said.She said it is necessary to apply the best practices of developed countries to carry out extensive educational work among the population to create exciting new products for the public, to improve the legal base and marketing system, and to develop the segment of compulsory life insurance to ensure the development of life insurance in Azerbaijan.
Hasanova said the role of life insurance is important in the country's economy.
"This type of insurance ensures macroeconomic stability," she said. It enhances public confidence in financial institutions."
Azerbaijan renders life insurance services such as urgent life insurance, borrower insurance, and compulsory insurance from disabilities resulting from occupational diseases and industrial accidents.
At present, there are three life insurance companies in Azerbaijan - Atesgah Heyat, Qala Heyat and PASHA Heyat.
The exchange rate is 0.7932 manat to $1.