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Expert: It is early to say about extension of product lines in the insurance market in Azerbaijan

Business Materials 27 July 2011 12:58
The executive director of the Azerbaijani Insurers' Association, Azer Aliyev, believes the Azerbaijan insurers Association should first strengthen propaganda among population. And then think about expanding the product line.

Azerbaijan, Baku, July 26 / Trend /

The executive director of the Azerbaijani Insurers' Association, Azer Aliyev, believes the Azerbaijan insurers Association should first strengthen propaganda among population. And then think about expanding the product line.

"Before over-supplying people with plenty of highly caloric food, it is necessary to strengthen work on explanation of importance of the insurance institute for every citizen," Aliyev said.

He said the insurance in Azerbaijan is still in its embryonic form.

Aliyev said although new laws are adopted, reporting system of insurance companies is improved, their financial stability is increased, international forums are held, the work over public awareness has started only recently

According to Aliyev, much has been done in this direction by both the Ministry of Finance and the insurance community since the beginning of the year

"A lot work is still to be done," said Aliyev. "As for interesting products, companies are taking their utmost. One of them brings something new to the market."

Today, the Azerbaijani insurers offer about 45 kinds of insurance services, including 12 mandatory and six in the field of life insurance. Over 100 types of insurance services are applied in the international practice.

There are 28 insurance and one reinsurance company in Azerbaijan.

The official exchange rate was 0.7864 AZN per USD on July 26.

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