BAKU, Azerbaijan, Feb. 3
By Zeyni Jafarov - Trend:
Azerbaijan, like other countries, has faced the problems of the coronavirus pandemic (COVID-19) since the end of the first quarter of 2020, senior specialist of the sales and marketing department of Xalq Sigorta insurance company Latif Zeynalli told Trend on Feb. 3.
“However, despite these shocks, a number of classifications have risen in the Azerbaijani insurance sector,” Zeynalli added. “The insurance sector saw an increase of about nine percent at the end of the fourth quarter of 2020 compared to the same period of 2019.”
“Voluntary insurance increased by 11 percent while voluntary non-life insurance by seven percent,” the senior specialist added. “Consequently, as in previous years, the insurance market grew in 2020.”
Zeynalli stressed that Xalq Sigorta successfully implements more than 20 types of voluntary insurance and three types of compulsory insurance, being one of the biggest participants in the domestic insurance market.
“As of 2020, Xalq Sigorta’s insurance fees reached 31.2 million manat ($18.3 million),” the senior specialist said. “The payment amounted to 16.6 million manat ($9.8 million). Xalq Sigorta saw a ten percent increase in fees compared to 2019.”
Zeynalli stressed that one of the important types of insurance for the Azerbaijani society is voluntary car insurance.
“Thus, insurance premiums on car insurance last year increased by 18 percent, and more than 20 percent of the company's premiums on the car insurance segment were transferred for payments,” the senior specialist said. “Insurance payments on car insurance amounted to two percent of the total amount and as a result, 2020 ended successfully for Xalq Sigorta.”
Zeynalli concluded that this year the priority spheres for Xalq Sigorta are an innovative approach to the products and services, better customer service, as well as their in-depth information about the types of insurance received by clients.
----
Follow the author on Twitter: @jafarov_zeyni