By Trend

The work is underway in Azerbaijan to introduce new insurance products, said Ibrahim Alishov, acting chairman of the board of the Financial Market Supervisory Authority of Azerbaijan (FIMSA), Trend reports.

He made the remarks at the 9th insurance forum titled “Azerbaijan’s Insurance Market: Trends and Opportunities” organized by the FIMSA, the Azerbaijan Insurers Association together with the Compulsory Insurance Bureau of Azerbaijan.

Alishov noted that among the new insurance products there are plans to create insurance for professional liability of doctors, insurance for liability of insurance agents, as well as insurance for workers involved in construction.

In addition, FIMSA is considering the possibility of mandatory insurance of the property of entrepreneurs, which is located in customs posts and in other temporary storage sites, and this is a topical issue, he added.

He said that due to changes in the tax code of Azerbaijan, a decrease of 20 million manats has been observed in the accumulative life insurance for the first five months of this year, compared to the same period last year, adding that this was compensated for by other types of insurance, such as insurance of real estate, as well as compulsory third party liability insurance of motor vehicles.

Alishov also noted that steps are being taken to apply guarantee mechanisms for voluntary types of insurance.