Azerbaijan, Baku/ Trend , corr U. Ismayilova/ Faig Baghirov, an expert on insurance, has stated today that the Azerbaijan insurance market is moving too slowly.
According to Mr. Baghirov, the difference between the Azerbaijan insurance market and that of the West and other CIS countries lies in the fact that the western population treats insurance companies as organizations, which are vitally important for a secure and confident life. As for CIS countries, most of the population does not treat seriously.
As for Azerbaijan, any insurance company operating in the country tries to involve potential clients and spark their interest to acquire insurance services. The answer is to involve as many people as possible into insurance. "This should be carried out mainly through a network of efficient agents. This is the most sensible direction in the development of the insurance market, which leaves much to be desired in Azerbaijan," he said.
Leading insurance companies have up to 10 strong and professional agents, who may have up to 30 clients to insure per month. Therefore, the largest insurance is with people who are insured from banks and on different insurances in vehicles and property. "It goes without saying that the companies are becoming more professional year by year. Primarily, their professionalism is reflected in the quality of services they render at approaching insured accident," he said.
Notably, according to the data provided by the Azerbaijan Finance Ministry, the aggregate capital of all 29 insurance companies operating on the territory of the country to January 1, 2007 had reached AZN 41,413,000.