Khayal Mammadkhanli: Figures show growth of insurance market and premiums


September 9, Fineko/abc.az. The activity in Azerbaijan has seriously decreased after the strict quarantine regime had been introduced. Our surveys also show that both businesses and citizens have been seriously affected by the pandemic. Even employees of insurance companies, including insurance agents, say that business is weakening.

ABC.AZ was made the above-mentioned statement by expert Khayal Mammadkhanli when giving a comment about the situation in the insurance sector.

According to Mammadkhanli, statistics and figures show the opposite: "On the contrary, the figures show an increase in the insurance market compared with last year, an increase in premiums on most types of insurance, despite the termination of the activities of two insurance companies. Among the main types of insurance that observe a decline are mandatory civil liability insurance for motor vehicle owners and travel insurance. If we accept that the indicators are correct, we can explain this for two reasons. First, we can say that all our insurance companies were prepared for the pandemic, worked more effectively online, created new products, established communications with customers, and so on. But that's not the reason. Secondly, we can say that the Azerbaijani insurance market is a market that works with more corporate clients, including stable ones, than the retail open market. The income of the population and the state of business are not directly proportional to the insurance market. Clients typically once a year enter into contracts of insurance. This version is more convincing, especially in the fact that the volume of the insurance market over the past 3 years is almost the same figure."