New proposals for investment in insurance sector prepared in Azerbaijan
Baku, Azerbaijan, April 15
By Kheyraddin Nasirzade - Trend:
The Azerbaijan Insurers Association (AIA) has prepared proposals on managing investments in the insurance industry, AIA Chairman of Board Azer Aliyev told Trend.
Aliyev noted that to date, proposals have also been prepared regarding mandatory types of insurance of both movable and immovable property.
Moreover, Aliyev added that there are also many proposals for the introduction of new insurance products.
Work in the direction of analysis [of the market] and the provision of proposals for the improvement and harmonization of insurance legislation is one of the fundamental activities of the AIA, the chairman of board said.
Azerbaijan is developing, and development implies improvement, including legislation, he added.
In January-February 2019, insurance companies operating in Azerbaijan collected premiums in the amount of 132.82 million manats (an increase of 2.05 percent over a year), payments in the same period amounted to 33.12 million manats (a decrease of 18.21 percent over a year).
According to a Financial Market Supervisory Authority of Azerbaijan (FIMSA) report, 78.3 percent (103.95 million manats) of all fees in the market fell on voluntary insurance, while 21.7 percent (28.87 million manats) on compulsory. As it comes to the payments, the share of voluntary insurance amounted to 64.4 percent (21.34 million manats), while compulsory insurance accounted for only 35.6 percent (11.78 million manats) of payments.
There are 21 insurance companies in Azerbaijan.
(1 USD = 1 AZN on April 15)
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