STATISTICS:

AZERBAIJAN: mandatory travel insurance under consideration

Association of insurers of Azerbaijan is planning introduction of mandatory travel insurance for arriving tourists, informed the Chairman of the Association, Mustafa ABBASBEILI.

"We plan to make this class mandatory. If our proposal is approved, it will be regulated through our consulates and embassies, ASAN Visa centers, as well as passport control points. If Azerbaijan has visa regime with some countries, then citizens of those countries will provide travel insurance policies for visa application, and in case of absence of the visa regime, travel insurance policies will be checked during their crossing the border. If a tourist arrives in Azerbaijan with a travel policy, issued by his/her country, then Azeri travel insurance is not necessary", - explained Mustafa ABBASBEILI. This type of mandatory travel insurance was introduced by many countries.

However, now mandatory introduction of this insurance is not possible, and the Association assumes some measures for sales expansion. "At the moment we are not speaking about introduction of mandatory insurance but only expansion of the existing travel insurance - we'd like to ask insurance companies promote travel insurance to increase sales volume .... we also plan to improve public awareness related to importance of travel insurance", - said ABBASBEILI.

As of now Azeri insurers offer their clients travel insurance of voluntary nature. Such insurance cover only tourists, leaving the country, and not all citizens of Azerbaijan buy travel insurance in cases of trips. According to the Financial markets' supervisory authority during Q1 2018 travel insurance GWP amounted only to AZN 636 thousand and paid claims - AZN 37 thousand.

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