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Insurers gathered not large premiums despite large insurance potential

18.05.2020,12:58


May 18, Fineko/abc.az. Despite the fact that the potential of the insurance sector in Azerbaijan exceeds AZN 1 billion, the premiums of the insurance companies amounted to a maximum of AZN 750 million.

And this is a factor of weakness in the domestic insurance sector.

ABC.AZ was stated on the occasion by Azer Aliyev, the chairman of the Azerbaijan Insurers Association, at a press conference held a few days ago, when commenting on Elman Rustamov's statement that the insurance sector in Azerbaijan is developing very poorly.

Aliev also responded to the idea of the Central Bank’s chairman that a new model will be introduced in the insurance sector in January.

"As for the model, I have no news in this direction. Perhaps in the future, electronization will also be widely used in the insurance sector in the future. For example, now we’ll move from this paper form to online rules. This has already been implemented on several types of insurance. But for the general insurance market, the release of these e-forms of insurance will be more important."