Armenia's occupation policy causes big damage to Azerbaijani insurance market
BAKU, Azerbaijan, Nov. 12
By Zeyni Jafarov – Trend:
The analytical research group of the Azerbaijan Insurers Association has explored the insurance potential of the previously occupied Azerbaijani territories, Trend reports with reference to the Azerbaijan Insurers Association’s statement.
“The Azerbaijani territories, which were under Armenian occupation for about 30 years, have great potential both in every economic sphere and in the insurance sector,” the statement said. “During this period, the occupation of 20 percent of Azerbaijani territories caused big damage to the insurance sector.”
Thus, during entire 1993, as well as due to residential and non-residential buildings completely destroyed by Armenian vandals, the Azerbaijani insurance market could have ensured fees up to 4.9 million manat ($2.9 million) on compulsory real estate insurance and during 30 year-occupation -149.5 million manat ($87.9 million).
“These are only tangible assets on compulsory real estate insurance,” the statement said. “If we take into account cargo insurance, insurance of personal property of citizens, as well as insurance of power lines, gas, water communications, agricultural insurance, car insurance, insurance of irrigation systems, then the damage caused as a result of 30-year Armenian occupation to the Azerbaijani insurance market is about one billion manat ($588 million).”
“As a result of intensive work of the association and each participant of the insurance market, the fastest recovery of these losses will be achieved for the development of the Azerbaijani economy,” the statement said.