Azerbaijan completes marketing research of insurance market

Business Materials 16 January 2012 22:05 (UTC +04:00)

Azerbaijan, Baku, Jan.16 / Trend A.Akhundov /

The State Service on Insurance Supervision under the Azerbaijani Finance ministry has completed marketing research of the country's insurance market, leading consultant of the State Service, supervising conduct of this research, Orkhan Bayramov told Trend on Monday.

He said results of the research will be announced next week.

The research that started in July, 2011, covered the most popular insurance types in Azerbaijan - car insurance and property insurance.

"We focused on voluntary insurance," Bayramov added.

He said under the second stage of the research 2,500 people in Baku, Sumgait, Ganja were surveyed.

"The research aims at revealing level of knowledge about insurance and to what extent their experience was positive in this sphere and other matters. Common question were given to those surveyed," Bayramov said.

He said the first stage envisaged research of qualitative indicators and the second - quantitative.

"During the first stage we surveyed in detail participants whom we divided into 10 groups with 8 people per each group. The first stage covered 9 segments of car insurance and other property insurance," Bayramov noted.

The research was conducted by the local company and funded by the State Service on Insurance Supervision.

Head of the State Service on Insurance Supervision Namig Khalilov said this research aims at determining degree of population's interest in insurance, level of its awareness in this sphere, determining population's opinion about insurance in whole.

This is required so that insurance companies could improve their marketing policy based on this data, and to know which direction to move," Khalilov said.

There are 29 insurance companies and 1 reinsurance company in Azerbaijan. At the same time the license insurance of Fidan Sigorta was suspended.