EUR 6.6 million underwritings and a 14% share for the life insurance market in Azerbaijan in the first half of 2011

8 August 2011 — Oleg DORONCEANU
conf_azerbaijan4Specialized societies on the life insurance segment in Azerbaijan underwrote in the first half of 2011 premiums worth EUR 6.6 million, owing 14% of the total underwritings, according to the data presented today within the section dedicated to life insurance and bancassurance at AIIF - 2011 and the issued claims reached EUR 8.6 million.

According to Namic KHALILOV, Manager of the Surveillance Services, the sold life insurances by the three companies locally wise (28 insurers in total), of which PASHA Hayat underwrote EUR 3 million, followed by ATESHGAH (EUR 2.4 million) and QALA Hayat - EUR 1.2 million.

"Taking into account the fact that Azerbaijan has 9 million citizens, insurers should double their efforts to develop this segment. Regarding such a good model to follow would be the one in Turkey, where the life insurance penetration level in GDP is 0.2% and we succeeded in selling 300.000 premiums during one year", stated Jetse DE VRIES, CEO, ING Turkey.

"We must not wait for the moment when the mentality in Azerbaijan will change, we must act now. The key to success consists of agent network development and a professional approach towards the potential clients through which they receive professional advices on the advantages of a life insurance", outlines the host of the section, Romeo JANTEA.

Under the new legislative changes which came into force in March this year, the activity of life insurance can be performed only by specialized companies.

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