Azerbaijan Insurers Association talks problems in insurance market
BAKU, Azerbaijan, Sept. 9
By Zeyni Jafarov - Trend:
The most important factor holding back the development of the insurance market in Azerbaijan is distrust and lack of awareness of the country's citizens in this area, the Azerbaijan Insurers Association (AIA) told Trend.
According to the AIA, the potential of the insurance market in Azerbaijan is very large, but actually, this potential isn’t fully utilized.
“Some citizens see insurance as a duty that must be paid. However, today insurance, being the main mechanism for distributing risks around the world, performs the function of social protection. By offering solutions for these problems, the insurance market can show its full potential,” said the association.
“After the appointment of the Central Bank of Azerbaijan (CBA) as a supervisory authority, the insurance market was given great importance. Monitoring began and existing problems were identified and attempts were made to eliminate them,” the AIA noted.
“Currently, there is a need to improve the insurance culture among people and the main goal of the association is to increase people's confidence in this area since, without correct and complete information about a product or service, many problems arise,” the AIA said.
“Our current main goal is to provide people with detailed information about insurance products. For this purpose, we often, together with insurance companies, organize events in Baku and the districts,” the association added.