The law on mandatory insurance - great opportunity for the Azerbaijan profile market
by admin on Oct.22, 2011, under Car insurance
The stable economic environment, little influenced by the global economic crisis, as well as constant growths registered by the insurance market lately give a note of optimism to the statements of Azerbaijani insurance companies representatives on the forecasts for next year.
“The most important engine of growth for the Azeri insurance market is the new law on mandatory insurance. This will be an excellent opportunity for insurance companies to expand operations, especially on the cross-selling component”, said, for XPRIMM Newsletters, Akper MADATLI, Acting Chairman of the Board of the company ATESHGAH Life Insurance.
Regarding the activity of companies that activate on the life insurance segment, Akper MADATLI considers that “the opportunity of 2011 is given by the introduction of the Law regarding the mandatory character, for the employer, of buying accidents, illness and death insurance for the employees. According to the law in force, this type of insurance is one of the life insurance classes and has registered significant growth, accounting for more than 10% of total gross written premiums”.
Business lines that have registered rapid growth in Azerbaijan this year are constructions and car sales. The latter, combined with increased banking sector, represent the source of a significant business volume on motor insurance.
You can find out more on the Azerbaijan insurance and reinsurance market from the representatives of the local profile companies, present this year in Baden-Baden. ATESHGAH Life Insurance is Partner of the third edition of Baden-Baden XPRIMM Reception to be held Sunday, October 23rd, at Kurhaus Casino.
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