BAKU, Azerbaijan, Nov. 19
By Matanat Nasibova - Trend:
From January through October 2019, Azerbaijan’s Ateshgah Insurance Group collected almost 60 million manat ($35.3 million), Head of the Azerbaijan Insurers Association and Head of the Ateshgah Sigorta insurance company Azer Aliyev told Trend.
Aliyev said that Ateshgah Sigorta doesn’t plan to introduce new insurance services until the end of this year.
“Now we are more concentrated on the preparation of the operating plan and budget for 2020,” the company’s head noted. “However, starting from next year, it is expected to introduce interesting retail products on real estate, on voluntary car insurance, and we are constantly working to improve the quality of the service.”
Aliyev also spoke on the prospects for the development of agricultural insurance.
“A law was adopted a couple of months ago, and the Agriculture Insurance Fund was created on its basis,” the company’s head said. “Active work is underway to develop business processes and build the work structure in this direction.”
In 2018, Azerbaijani insurance companies collected premiums worth 728 million manat ($429.1 million) and made payments for 240.3 million manat ($141.6 million).
Premiums on voluntary types of insurance amounted to 536.2 million manat ($316 million), payments - 172.5 million manat ($101.6 million).
Fees on compulsory types of insurance amounted to 191.8 million manat ($113 million), payments - 67.8 million manat ($39.9 million). Voluntary types of insurance accounted for 73.7 percent of market fees, mandatory ones - 26.3 percent, payments for voluntary types of insurance accounted for 71.8 percent and payments for mandatory types of insurance accounted for 28.2 percent.