One year from now, Azerbaijan's protection market will experience changes, which will prompt a reduction in premiums on specific kinds of protection.
Executive of the Azerbaijan Insurers Association (AIA) Mustafa Abbasbayli revealed to Trend that the improvement of the market one year from now can be advanced by such sorts of protection as horticultural protection or protection against mishaps at work.
He underlined that specifically if the law on agrarian protection is received, one year from now, premiums on this sort of protection are conjecture at 70-100 million manats ($41.18-$58.82 million).
"We have as of late marked a reminder with Azerbaijan's Ministry of Labor and Social Protection of the Population on the protection against mischances. After this reminder, one year from now we expect premiums on this sort of protection to grow 60 million manats ($35.29 million)," Abbasbayli focused.
Talking about the likelihood of raising the base capitalization necessities for insurance agencies against the foundation of genuine development in the market, Abbasbayli focused on that such issues are not being considered.
By and by, the capital necessity is 5 million manats ($2.94 million) for the current organizations and 10 million manats ($5.88 million) for the new ones.
In January-August 2018, insurance agencies working in Azerbaijan gathered premiums worth 517 million manats, or, in other words, more than in a similar period a year ago.
Installments of the insurance agencies over a similar period added up to 169 million manats, or, in other words, more than the figure for the initial eight months of 2017.
At present, 21 insurance agencies are executing their exercises in Azerbaijan.
First best 5 of general insurance agencies in January-June 2018 is as per the following: AzerInsurance (34.91 million manats-$20.53 million), ateshgah baku (19.69 million manats-$11.58 million), Mega Insurance (15.23 million manats-$8.96 million), AtaInsurance (10.35 million manats-$6.09 million).
Among the insurance agencies in the main portion of 2018, PASHA Life Insurance additionally made the biggest installments, repayments of which added up to 31.65 million manats ($18.61 million) or 26.5 percent of all installments of safety net providers.
PASHA Insurance turned into the pioneer regarding installments in different sorts of protection (25.46 million manats-$15 million). The rundown of five driving insurance agencies as far as the volume of discounts made in this section, following the aftereffects of the revealing time frame likewise included: Ateshgah (9.66 million manats-$5.68 million), AzerInsurance (7.85 million manats-$4.62 million), AXA-Mbask (4.69 million manats-$2.76 million) and AzInsurance (4.17 million manats-$2.45 million).