Around the end of the 4Q2020, the growth of the insurance market in general was about 9% y-o-y, Trend wrote according to Latif ZEYNALLI, a senior specialist of the sales and marketing department of the insurance company Xalq Sigorta.
As Latif ZEYNALLI noted, in 2020 the insurance market experienced growth, as in previous years. The senior specialist of the sales and marketing department of Xalq Sigorta emphasized that the company offers over 20 types of voluntary and 3 types of compulsory insurance and is one of the largest insurers in Azerbaijan (one of the TOP-10). Based on the results of 2020, the company's GWP amounted to AZN 31.2 million (EUR 14.93 million*) with an increase of 10%. Paid claims totaled to AZN 17.6 million (EUR 8.43 million).
According to ZEYNALLI, one of the most important types of insurance for Azerbaijan is voluntary vehicle insurance - in 2020, GWP of the company's motor insurance increased by 18%, while over 20% of Xalq Sigorta's GWP in motor insurance were directed to paid claims.
Speaking about development plans for 2021, Latif ZEYNALLI said that Xalq Sigorta's priority areas are: an innovative approach to the products and services provided, better customer service, as well as their in-depth information about the insurance products received.
* at the following exchange rate:
1 EUR = 2.0890 AZN (December 31st, 2020)
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