BAKU, Azerbaijan, Nov. 20
Trend:
The share of the market of employer's liability insurance related to voluntary non-life insurance has decreased significantly in 2020, Advisor to the Executive Director of the Azerbaijan Insurers Association (AIA), Mammad Aghayev, told Trend.
“In the first nine months of 2020, 782,400 manat ($460,235) was collected on this type of insurance, which is 0.1 percent of the total insurance market. Over the same period of last year, this figure was 1.25 million manat ($735.2 million). Thus, the share of employer's liability insurance in the insurance market decreased by 24 percent year on year,” said the AIA.
Aghayev noted that this type of insurance guarantees the costs that the business owner must provide as a result of bodily injury or death of workers following industrial accidents while performing their duties at the workplace.
According to the insurance rules, employees who were injured or died due to an accident while performing work functions under an employment contract at the workplace, or their heirs, are guaranteed compensation for harm on the terms specified in the insurance certificates he noted.
As in other types of insurance, the main priority is to develop the type of employer's liability insurance and bring it to a wider insurance contingent, said the advisor.
"We believe that the development and promotion of new and stimulating products of this type to the market can provide an insurance interest in employer's liability insurance," Aghayev added.
The Azerbaijan Insurers Association was registered on December 29, 2006. Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.