Insurance premium for 2021 may be increased - EXCLUSIVE

Compulsory insurance of real property and compulsory insurance against civil liabilities of the vehicle owners may raise the insurance market by AZN 300-400 million a year, chairman of the Azerbaijan Insurers Association Azer Aliyev told Report.

According to him, the insurance market has a good potential: "Market development should be directed in various spheres. The matter is about both property insurance and life insurance."

"Compulsory insurance of real estate is almost not used. However, this is quite a cost-saving but important insurance product in terms of ensuring financial protection of the population. If the abovementioned insurance types are used to full, the insurance market may increase by AZN 300-400 million a year," he added.

Aliyev said that by applying the new insurance types, the task by the head of state to increase the insurance premiums to AZN 1.5 billion in 2021 may be fulfilled.

Totally, 21 insurers paid AZN 201,174 in the three months, up 4.2% in comparison to a year earlier. In the reporting period, AZN 23 was paid for each AZN 100, while it was AZN 31.2 in 2018.