Baku. Vahab Rzayev – APA-Economics. Total revenues of insurance companies are forecasted to reach approximately 16-20% this year. APA-Economics reports that the forecast has been made by chairman of Azerbaijan Insurers Association Orkhan Bayramov.
Bayramov also analyzed the outcomes of the beginning of this year. Insurance proceeds grew by 16%, payments 17% in January-February. 24% drop was recorded in a number of insurance types, for example CASCO insurance. It majorly happened as banks did not give automobile loans. Bayramov considers that fall in the voluntary automobile insurance will weaken by the end of the year. Chairman of the Association said recent fires at several trade centers increased interest in fire insurance. Azerbaijan Insurers Association is preparing recommendations, one of them is connected with the insurance of lessees’ goods at trade centers. The Association is offering insurance companies to prepare a new product in this sphere.
Bayramov is optimistic about the solution of insurance companies’ problems regarding payments. According to him, complaints regarding nonpayments by clients dropped, the complaints are only connected with the late payments or insufficient payments. All this gives ground to forecast full improvement regarding payments. Bayramov said Azerbaijan Insurers Association may hold a meeting on the solution of the payment problems.
Azerbaijan Insurers Association is going to hold a number of events this year. They include insurance forum, forum of insurance agents, various promotional events.
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