BAKU, Azerbaijan, Jan. 1
By Zeyni Jafarov - Trend:
One of the important issues facing the insurance sector is the need to reconsider the tariffs and amounts of payments related to many insurance products, Elmar Mirsalayev, executive director of the Azerbaijan Insurers Association, told Trend.
"This issue proceeds from the fact that 10 years ago, when setting the insurance tariffs and amounts of payments, the situation and conditions of that period were taken into account," Mirsalayev added. "Today a healthy model of economic development is applied in Azerbaijan. Each economic classification is at a new stage of development."
"The special attention in the insurance market should also be paid to the development of liability insurance because as a result of negligence it is sometimes possible to cause harm to the property or health of third parties," executive director said.
"The development of liability insurance and the introduction of new types on the market in this sphere may lead to an increase in the share of this class in the market and to attract a potential contingent of policyholders to the market," executive director said.
Mirsalayev stressed that the formation of a centralized information system on compulsory real estate insurance is also one of the issues to be solved in 2021.
"Full transformation of contracts on this type into e-form and full automation of processes in this segment can be completed as a pilot project in 2021," executive director added.
The executive director emphasized that in all previous years the lack of public awareness was a factor hindering the development of many insurance products.
"However, in this sphere, the Central Bank of Azerbaijan (CBA), as the supreme supervisory body of the insurance sector, the Azerbaijan Insurers Association, performing six regulatory functions of the insurance sector, and at the same time the Compulsory Insurance Bureau are taking important steps related to the significant projects," Mirsalayev said.
"In the outgoing year, the CBA began the implementation of six large-scale projects related to the development of the insurance sector," the executive director added. "These projects will continue in the long term and will have a positive impact in stages."
"The local insurance market will insure its successful future amid all the progressive steps taken together with the Central Bank and the Compulsory Insurance Bureau in 2021," Mirsalayev added.
The Azerbaijan Insurers Association was registered on December 29, 2006. Today there are 21 insurance companies and one reinsurance company in Azerbaijan.
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