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Azerbaijan can raise insurance share in GDP

Finance Materials 9 September 2020 18:14
Azerbaijan can raise insurance share in GDP

BAKU, Azerbaijan, Sept.9

By Zeyni Jafarov – Trend:

Azerbaijan must solve many problems to fully use the potential of the local insurance market, and simultaneously, as a result, the share of insurance in GDP may grow by 2-3 percent, the Azerbaijan Insurers Association (AIA) told Trend.

According to AIA, this is a laborious process, that’s why the quickest solution is hardly possible. Nevertheless, at present, Azerbaijani insurance companies are developing by using international experience and acting based on international standards.

The association noted that the insurance sector has been directly affected by the COVID-19 pandemic. Since the characteristics of insurance products are different, the pandemic has affected each product differently. Clients’ demand for some of the products has plummeted, while for others it has slightly decreased.

Despite this, the insurance companies have set themselves the goal of providing clients with maximum services: all applications were accepted online or by phone since the closure of offices made it impossible to receive clients face to face.

The association was registered on December 29, 2006, with Azerbaijani Justice Ministry to promote the development of insurance and reinsurance companies operating in Azerbaijan and being members of AIA, as well as their socio-economic development and increasing scientific knowledge in this area.

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