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Azerbaijan sees growth trend in car insurance segment

Finance Materials 15 January 2021 17:59
Azerbaijan sees growth trend in car insurance segment

BAKU, Azerbaijan, Jan. 15

By Zeyni Jafarov - Trend:

Azerbaijan, like other countries of the world, faced the problems of the coronavirus pandemic (COVID-19) during almost the entire 2020, senior specialist of the sales and marketing department of Xalq Sigorta insurance company Latif Zeynalli told Trend.

However, despite this, the insurance sector has seen a rise in a number of classifications, said the specialist.

“The growth trend was mainly observed in the car insurance segment. So, at the end of November 2020, the insurance sector showed an increase of about 9 percent, and the type of auto insurance also made a significant contribution to the increase in the insurance portfolio,” he said.

“One of the important types of insurance for the Azerbaijani society is voluntary car insurance. Observations show that compared to previous years, the importance of car insurance in society is increasing. In this direction, educational activities in the insurance sector are of particular importance,” Zeynalli noted.

“Compulsory insurance of civil liability of motor vehicle owners (OSAGO) is used to compensate for harm caused to the health of individuals, property of individuals and legal entities as a result of their use in Azerbaijan, and voluntary insurance car provides insurance coverage for damage caused to the car of the insured,” he said.

“In general, the growth in voluntary insurance in Azerbaijan was 11 percent, and in voluntary non-life insurance - 7 percent. Consequently, as in previous years, the growth of the insurance market was observed also in 2020,” added Zeynalli.

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