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Azerbaijani company reveals growth in 2020 total insurance revenues

Finance Materials 20 January 2021 11:17
Azerbaijani company reveals growth in 2020 total insurance revenues

BAKU, Azerbaijan, Jan. 20

By Zeyni Jafarov - Trend:

Provision of online services has become a priority in many spheres due to the COVID-19 pandemic, Latif Zeynally, a senior specialist of the sales and marketing department of the ‘Xalq Sıgorta’ insurance company, told Trend.

According to Zeynally, the automation of a number of insurance types in the company allowed citizens to receive insurance services online without restrictions.

He said that in 2020, Xalq Sıgorta gained insurance revenues in the amount of 31.2 million manat ($18.3 million), while the expenses made up 16.6 million manat ($9.7 million).

“There was a tendency of growth of 10 percent in the insurance revenues, and 18 percent in the car insurance revenues of the company. More than 20 percent of the car insurance company's revenues were directed towards insurance expenses. Insurance payments for car insurance amounted to 2 percent of the total revenues, and as a result, 2020 for the company ended with profit,” noted the expert.

"One of the most important issues for the company is the provision of preferential programs for some areas, in particular for education and health workers," he pointed out. The company offers its customers insurance packages ‘CASCO Standard’ and ‘CASCO Partner’ for car insurance. Educational and medical workers can receive full insurance coverage under the ‘CASCO Partner’ product by paying an insurance premium of 2 percent of the market value of a car. There is also an option of partial payment of insurance fees for both of the insurance packages.”

"Since 2005, ‘Xalq Sıgorta’ has been successfully operating in the Azerbaijani insurance market and has been selling more than 20 types of voluntary and 3 types of compulsory insurance,” he added.

“Every year it becomes more noticeable that one of the important types of insurance for Azerbaijani society is voluntary car insurance. In this direction, educational activities carried out in the insurance sector by both Xalq Sıgorta and other insurance companies are of particular importance," Zeynally summed up.

(1 USD = 1.7 AZN on Jan.20)

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