AZERBAIJAN: insurance market assets increased by almost 13.5% y-o-y

4 July 2019 — Marina MAGNAVAL
Total insurance market's assets at the end of 1Q2019 increased by about 13.5% y-o-y, to AZN 1.4 billion (~EUR 0.73 billion), Ibrahim ALISHOV, Acting Chairman of the Board of Financial Market Supervisory Authority of Azerbaijan (FIMSA) said in Baku at the 9th Forum "Insurance in Azerbaijan: Trends & Opportunities".

The event, co-organized by XPRIMM, Azerbaijan Insurers Association (AIA) and the Compulsory Insurance Bureau of Azerbaijan (CIB), with the official support of the FIMSA, brought together more than 200 insurance specialists from over 20 countries. As the participants agreed, the Azerbaijani insurance market has been growing well recently. "The share of the insurance sector is 1.9% of non-oil GDP volume", ALISHOV said. The share of insurance market assets exceeded 3% of the total assets in the country's financial market.

MTPL takes the major share of the local market. According to ALISHOV, this year "MTPL contracts accounted for about 50% of the total number of insurance contracts". He noted that in the near future, an online insurance claim management system will be introduced. "After introduction of this system, great positive changes are expected for vehicle insurance", he explained.

According to the Executive Director of the Compulsory Insurance Bureau, Rashad AHMADOV, the new online system will significantly simplify the working process, shorten the time for obtaining necessary documents, as well as will contribute to the effectiveness of the bonus-malus system.

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