FIMSA: Azerbaijan to form new insurance types and mechanisms - EXCLUSIVE

Azerbaijan is planning to form new insurance types and mechanisms, Head of the Insurance Supervision Department of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) Firdovsi Aghashirinov told Report.

"It’s planned to form compulsory insurance of doctors' professional responsibility, compulsory civil liability insurance of construction workers during construction and construction and compulsory insurance of civil liabilities of storage place owners will be formed," he said.

According to him, new mechanisms will be applied to develop the insurance sector: "For instance, agricultural insurance mechanism, joint insurance mechanism, micro insurance mechanism, e-central data mechanism of insured persons, guarantee mechanism on voluntary insurance types and etc."

In January-June Azerbaijan-based 22 insurers collected AZN 361.337 million premium, down 8.8% by contrast to a year earlier, paid AZN 119.102 million, which is down by 0.2% in comparison to a year earlier.