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Forecast: AZN 26 mln is expected to collect on compulsory insurance type on industrial accidents in Azerbaijan this year

26 September 2011 08:31 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. By the end of 2011, 70% of employees of enterprises and organizations operating in Azerbaijan are expected to be insured on â€œCompulsory insurance compulsory from the situations of losing of labor ability at the result of industrial accidents and occupational diseasesâ€, acting board chairman of Ateshgah Life Insurance Akbar Madatli told APA.

To him, AZN 25-26 mln premiums on this type of insurance are forecasted to collect until the end of 2011.

Madatli said that the potential of this segment of insurance market was wider: â€œBut the minority of this yearâ€™s premiums is related to recent application of the law on â€œCompulsory insurance compulsory from the situations of losing of labor ability at the result of industrial accidents and occupational diseasesâ€ and little application of finesâ€.

To him, compared to other compulsory laws on insurance, the law on â€œCompulsory insurance compulsory from the situations of losing of labor ability at the result of industrial accidents and occupational diseasesâ€ and little application of finesâ€ have wide advantages.

Note that, Ateshgah Life Insurance was established in 2009.