According to the Central Bank of Azerbaijan, the declining economic activity during the pandemic negatively affects GWP collection of the insurance market, Trend reports.

Decreased number of physical contacts between insured and insurers is limiting access to some insurance services. Thus, as part of measures to keep uninterrupted rendering of insurance services and protect the rights of insured, it is envisaged to ensure effective access to insurance online and receive insurance claims from policyholders to manage losses by e-mail and in electronic form.

It is recommended for insurers to grant a deferment in the premium payment under voluntary insurance contracts until September 30, 2020 to policyholders directly affected by the quarantine. Insurers also must fully adapt their business procedures, from managerial and technical points, to the new working conditions with conclusion of voluntary insurance contracts in e-form. Insurers must post the information about their activity during the quarantine period and loss settlement procedures on their websites. Besides, they must ensure operation of round-the-clock hotline to protect the rights of insured.

PASHA Insurance, the leader of the non-life market in Azerbaijan, has launched a new campaign on voluntary insurance, according to which the customers who will purchase voluntary vehicle insurance until May 22, will received full annual insurance by paying only for 10 months. Besides, the insurer also provides its customers with an opportunity to pay the premiums in installments based on a preferential schedule.