Azerbaijan proposes to speed up insurance accident procedures

Finance Materials 19 March 2019 16:06 (UTC +04:00)

Baku, Azerbaijan, Mar. 19

By Kheyraddin Nasirzade – Trend:

The issuance of certificates on insurance accidents should be accelerated in Azerbaijan, Orkhan Mammadov, first deputy chairman of the management board of AtaInsurance, told Trend.

According to him, considering that citizens are waiting for certificates from the police for 10 days, it is necessary to speed up the process of issuing certificates of an insurance accident. Work is currently underway to issue certificates in an electronic form. This, as noted by Mammadov, will reduce the number of customer complaints and improve their loyalty and the overall situation in the market.

Mammadov noted that yet another one of today’s pressing issues is the increase of losses and damages for insured events in the field of compulsory third party insurance (CTP) of vehicle owners. This worries insurance companies as the number of insurance accidents has increased.

The most popular types of insurance offered by the company are compulsory insurance, comprehensive cover, property insurance, compulsory real estate insurance, liability insurance, construction insurance and cargo insurance.

As for its plans, the company plans to increase the sales of types of voluntary insurance and optimize costs, Mammadov noted.

AtaInsurance OJSC has been operating since 2004. The company provides services for 30 types of insurance, 4 of which are mandatory and 26 are voluntary. As of 2018, the company's assets amounted to 28.4 million manats, liabilities to 19.3 million manats, and capital to 9.1 million manats. AtaInsurance ended the previous year with a loss of 7 million manats.