BAKU, Azerbaijan, Aug. 30
By Zeyni Jafarov - Trend:
The volume of fees for professional liability insurance in the Azerbaijani company PASHA Sigorta remains stable, Araz Najafzade, head of the company’s underwriting department, told Trend on Aug.30.
According to Najafzade, the share of the collected premiums in the segment of voluntary professional liability in total fees of the company is less than one percent, and almost no payments have been made on this type from early 2021.
"Despite the low demand for the product, this segment remains stable," he said.
"Voluntary type of professional liability insurance is rather detrimental across the world, and in most cases, it’s difficult to find reinsurance support," added the company’s representative.
As the Central Bank of Azerbaijan (CBA) earlier said, the volume of fees on voluntary insurance of professional liability in Azerbaijan in the first half of 2021 exceeded 848,000 manat ($498,820) compared to 1.8 million manat ($1.06 million) in the same period of last year. The share of this type in the total fees for the voluntary property insurance amounted to 1.2 percent.
Almost no insurance payments for voluntary professional liability insurance have been made in the reporting period. A similar indicator was recorded a year earlier.
Professional liability insurance is a type of liability insurance designed to protect property interests associated with possible compensation for harm to third parties for individuals engaged in individual professional activities (these persons include notaries, lawyers, private practitioners, architects, realtors and representatives of other professions).
---
Follow the author on Twitter: @jafarov_zeyni