Baku, Azerbaijan, Feb. 21
By Sara Israfilbayova – Trend:
The development of Azerbaijan’s insurance market will accelerate, Azer Aliyev, the newly appointed chairman of the Azerbaijan Insurers Association (AIA), told Trend.
He said that this will happen thanks to the approval of new insurance rules, their prompt application and the appearance of new types of insurance in the market.
"From 2019, the introduction of new voluntary types of insurance, as well as the appearance of the agriculture insurance in the market is expected," Aliyev said.
He noted that a draft law on agricultural insurance has already been prepared and submitted to the Azerbaijani parliament. In his opinion, the law may be adopted already this year.
Speaking about the plans of the AIA, Aliyev said that, just like in previous years, it is planned to focus on promoting the institute of insurance in Azerbaijan, as well as on education.
“The Association will continue to organize specialized courses and trainings in order to improve the skills and professional qualities of insurance employees,” he added.
The Association is analyzing the market for problems and gaps, he said. Upon completion of the analysis, legislative proposals will be drawn up and submitted to the Financial Market Supervisory Authority of Azerbaijan (FIMSA), he noted.
In 2018, insurance companies of Azerbaijan collected premiums worth 728 million manats, which is 30.7 percent more than in the previous year. Payments by the insurance companies over the same period amounted to 240.3 million manats, which is 6.54 percent less than in 2017.
(1.7 AZN = 1 USD on Feb. 21)