Azer Aliyev: Unfortunately, some property owners unaware of risks associated with their property


May 26, Fineko/ Unfortunately, today there are still real estate owners who are unaware of the risks associated with their property and approach all these processes conservatively. We are actively observing this.

Azer Aliyev, the chairman of the Association of Insurers of Azerbaijan (ASA), said about this in an interview for ABC.AZ.

The ASA chair emphasized that this is why the nationwide project on enlightening in the insurance sector has been launched.

"Since 2021 we’ve launched a 3-year enlightening project. Each year of the 3-year project is dedicated to one direction. We’ve already completed the 1st stage of the project and started the 2nd one. At the first stage, extensive propaganda and information was carried out on the formation of risk differentiation among existing and potential policyholders, as well as on the existence of risk differentiation in various sectors and directions. I want to note with confidence that it was the successful result of the 1st stage of this project that the domestic insurance market ended 2021 with 16% growth, and the share of the insurance sector in GDP increased up to 1%.

We’ve launched the next stage of the project since this year. At the 2nd stage, our main focus is to widely familiarize the population with insurance classes. The first part of the 2nd stage of the enlightening project is dedicated specifically to compulsory real estate insurance. We’ve been educating the public about property risks and real estate insurance for 5 months. The educational work dedicated to the real estate insurance of our project has already begun to have positive impact. Thus, stable growth rates of fees for this type are ensured. From this review covering Jan-Apr, which you mentioned in previous questions, we see that fees on this type increased by AZN 2.2 million against the 2021 same term, reaching AZN 30.1 million. This is gratifying.

Naturally, the process of forming insurance habits occurs gradually and in stages. We, insurers, are trying and will try our best to speed up this process and form insurance habits among citizens," Aliyev said.