Azerbaijan life insurance market to be explored

Business Materials 17 January 2012 14:12 (UTC +04:00)

Azerbaijan, Baku, Jan 17 /Trend A.Akhundov/

The State Service for Insurance Supervision under the Ministry of Finance of Azerbaijan can start exploring the life insurance market and insurance of goods, Orkhan Bayramov, senior consultant of the State Service, responsible for conducting these studies, told Trend.

'We can start looking at life and cargo insurance this year. We will try to explore more popular areas involving more retail in order to examine people's knowledge.' Mr Bayramov said.

State Insurance has already completed a study of the most popular types of insurance in Azerbaijan, car and property insurance.

The head of State Insurance Namig Khalilov noted that the purpose of this research is to determine the degree of interest in public insurance, the level of their awareness in this area and the views of public opinion about insurance in general.

About 2500 people, not only in the capital, but also in Sumgait and Ganja were surveyed in the second phase of the research, Mr Bayramov said.

"We conducted a detailed survey where people were divided into 10 groups of eight people during the first phase. This group covered the nine segments of auto insurance and other property," Mr Bayramov said.

He added that a greater scale will be studied in the future, for example on the separate markets for Baku's regions.

"It is the first such study of the insurance market. It is planned to conduct quantitative research on a regular basis, annually in the future. We are planning to move to this format in order to report data about the market, as well as containing the results of the promotion by the end of the year or the beginning of 2013," Mr Bayramov said.

Studies have been conducted by a local company through equity financing by State Insurance. There are 29 insurance and one reinsurance companies in Azerbaijan. The Fidan Sıgorta insurance company's license was suspended.