Baku, Azerbaijan, June 21
By Anvar Mammadov – Trend:
Azerbaijan can significantly increase real estate insurance fees, Chairman of Azerbaijan's Parliamentary Committee on Economic Policy, Industry and Entrepreneurship Ziyad Samadzadeh said on June 20 during his speech at the conference "Insurance in Azerbaijan: New Prospects".
"According to our estimates, the modernization of the accounting system will increase the fees for real estate insurance by 200-300 million manats. In the neighboring countries of Azerbaijan, the share of real estate insurance fees is 20 percent of all insurance fees. They achieved this by modernizing the accounting and control system. We can also achieve a similar result," Samadzadeh said.
Today, Azerbaijan has voluntary and compulsory real estate insurance. As of the end of May, voluntary real estate insurance fees amounted to 27.79 million manats (7.9 percent of the total fees), and mandatory – to 12.17 million manats (3.5 percent of the fees on the market).
The conference "Insurance in Azerbaijan: New Prospects" started in Baku on June 20.
Experts and insurers from Azerbaijan, Russia, Poland, Turkey, Czech Republic, Germany, Ukraine, Romania, UAE and the Netherlands take part in the event.
The conference participants will discuss macroeconomic trends and their impact on the insurance sector of the region, microinsurance and its prospects in Azerbaijan, digitalization and development of new drivers of growth of the insurance sector, experience of different countries in agricultural insurance and other issues.
There are 21 insurance companies in Azerbaijan.
The official exchange rate for June 20 is 1.7 AZN/USD.