AZERBAIJAN: Agro insurance and insurance against accidents at work may contribute to market development in 2019

The Azeri insurance market will undergo changes that lead to a decrease in premiums on certain types of insurance next year, said Chairman of the Azerbaijan Insurers Association (AIA) Mustafa ABBASBAYLI. Agro insurance and insurance against accidents at work may contribute to market development.

ABBASBAYLI noted that according to experts, approximate GWP in agro insurance is expected to reach the level of AZN 70-100 million next year, provided that the new law on agro insurance is adopted. Experts also expect GWP growth in insurance against accidents at work based on the signed memorandum with Azerbaijan's Ministry of Labor and Social Protection.

From January-August 2018, Azeri insurers generated GWP in the amount of AZN 517 million (+40% y-o-y). Paid claims reached AZN 169 million (+1.2%), Trend News Agency wrote.

*EUR 1 = AZN 1.9859 (31.08.2018)

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