Azerbaijan, Baku / corr. Trend U.Ismailova / Namik Khalilov, the manager of the State Insurance Supervision Department of the Azerbaijani Finance Ministry, stated on 19 June that the introduction of new insurance products in Azerbaijan means an increase in demands for more developed and specialized types of insurance.
According to Khalilov, Azerbaijani Insurance companies receive licenses from the Finance Ministry to offer any type of insurance. Then company observes the demands for different types of insurance and can insure these risks in compliance with the same license, which is completely just.
Such a process demonstrates the increase of demand for more developed and specialised types of insurance, but there are cases where demands determine the proposals.
The proposal of new types of insurance products is carried out in the following way: The insurance company develops a product, which it considers new and specialised for the market and potential clients. Then the company appeals to the Finance Ministry to gain approval for the necessary type of insurance gain a license and then introduce the insurance products to the market.
At presently, some 29 insurance companies are operating in Azerbaijan.