Insurance expert talks on development factors of Azerbaijani insurance market

Finance Materials 31 October 2019 11:06 (UTC +04:00)

BAKU, Azerbaijan, Oct. 31

By Eldar Janashvili - Trend:

The increase in Azerbaijan's insurance market is directly related to the implementation of the Action Plan for the development of the insurance sector adopted by the country's Cabinet of Ministers in May 2019, Khayal Mammadkhanli, an insurance expert, chairman at Azerbaijan Insurers Association, told Trend.

According to Mammadkhanli, the implementation of the plan will significantly affect the insurance market, as it implies the introduction of new insurance products in the country, important changes in the legislation, as well as various, including international, events that promote the introduction of innovative technologies in the insurance sector and market popularization.

In particular, the chairman noted, the introduction of an improved mechanism for monitoring compulsory property insurance by the Compulsory Insurance Bureau, from next year, will have a positive impact on the property insurance market in the country.

Touching upon the demand growth in the life insurance market, the expert said that the popularity of this type of insurance always remains at its highest, and interest in it will certainly grow with an increase in household incomes.


Follow the author on Twitter: @eldarjanashvili