AIC Insurance in Sight of AIA

In October the Association of Insurers of Azerbaijan (AIA) intends to conduct "literacy courses" for those interested in agricultural insurance still believed disadvantaged and unpopular.

The structure of the Ministry of Finance has already started talks on this issue with the International Finance Corporation (IFC), the head of the AIA Orkhan Bayramov told reporters.

"The joint seminar is likely to be held by specialists of the World Bank," he said.

This high demand for this poorly studied segment will significantly increase the premium of insurance companies. Meanwhile, in January-August the current insurers collected premiums of 312,840,000 manats (+10.4% to 1 September of the previous year).

Disbursements during this period amounted to 116.16 million manats (+ 12.2%). That is, every 100 manats of premiums account for 37.1 manat of payments (as of September 1, 2014 it was 31 manats).

Orkhan Bayramov believes that the total volume of insurance premiums by 31 December for the first time will reach half a billion manat (+16.5% at the end of last year - 429.2 million).--17D-