Sharp rise in demand for insurance services observed in Azerbaijan
Baku, Azerbaijan, March 18
By Emin Aliyev - Trend:
The growth rate of Azerbaijan's insurance market will continue in 2014, the head of Azerbaijan Insurers Association, Orkhan Bayramov said on March 18.
The total volume of premiums of some 28 companies operating in the country amounted to 405.68 million manat as of 2013 (an increase by 18.44 percent in a year), while the payments amounted to 122.8 million manat (an increase by 30.83 percent).
"Since early 2014 insurance fees increased by about 16-20 percent compared to the same period of 2013. The reason for this rapid growth was a surge in demand for insurance services after a series of emergencies and recent fires in several shopping centers. Regarding payments, they increased by 17 percent during the reporting period and I believe this trend will increase in 2014," Bayramov said.
"Entrepreneurs very frequently insure their property against various risks. At the same time, if we talk about shopping centers, we often forget about the other interested parties, namely the owners of shopping facilities and areas; their property located in these areas are often not insured and in the case of an accident, these people suffer losses.
Currently, Azerbaijan Insurers Association is discussing the possibility of the development of appropriate products in this area," Bayramov said.
Some 26 insurance companies and one re-insurance company operate in Azerbaijan.
The official exchange rate on March 18 is 0.7843 AZN/USD.
Translated by L.Z.
Edited by C.N.