Expert: Growth rate of insurance market to continue in post-pandemic period


June 2, Fineko/abc.az. The results of voluntary insurance of movable property for the past 4 months of 2021 showed that the insurance market is growing. The insurance premiums amounted to AZN 339 million (AZN 27.8 million) more versus Jan-Apr 2020. The growth was observed mainly on life insurance, compulsory real estate insurance, and industrial accident insurance.

ABC.AZ reports that the above-said statement was made by expert Kamran Babayev, when commenting on the situation in the insurance market.

He called an increase on voluntary property insurance premiums an interesting point.

According to Babayev, the growth of voluntary types of insurance is a serious moment in the development of the insurance market.

"If some citizens purchase mandatory types of insurance because they know about the importance of insurance, then the other part does it to avoid fines. But insurance on voluntary types depends only on the desire of the citizen himself. Now we are gradually entering the post-pandemic period, and I think the growth rate of the insurance market will continue. On the other hand, we are also seeing an increase on insurance payments. This growth was observed mainly on compulsory insurance and life insurance. The causes are different. It should be borne in mind that already citizens also know and demand their rights. Of course, educational work played a big role in the growth of the market. It is necessary to continue educational work, insurance companies should provide high-quality services so that the insurance market continues to grow," Babayev emphasized.