Baku, Azerbaijan, Feb. 20
By Anvar Mammadov – Trend:
The Azerbaijani population has become more serious about insurance, First Deputy Chairman of the Board of Ateshgah Insurance Company Akbar Madatli told reporters in Baku Feb. 20.
Madatli said that the reason was the improvement of financial literacy of the population.
"A simple example is compulsory insurance of civil liability of motor vehicle owners,” he said. “Earlier, policy of compulsory insurance of civil liability of motor vehicle owners cost 10 manats, the population did not take this product seriously. But to date, almost the entire car market has been insured and drivers have become more serious about compulsory insurance of civil liability of motor vehicle owners."
“This process should be continued,” he said. “The population must be enlightened about the benefits and necessity of insurance products.”
"In foreign countries, the population insures absolutely real estate, life, liabilities,” he said. “Here the process is at the initial stage. Therefore, it is necessary to increase the financial literacy of the population."
Ateshgah insurance company was established in 1996 and the license for activity was granted in 1997. As of late 2016, the company’s share capital was over 5 million manats.
The company’s assets amounted to 41.55 million manats, liabilities - 26.65 million manats in early 2017.