By Mirsaid Ibrahimzade
In recent years, the insurance market of Azerbaijan has been showing a steady growth. Within the past two and a half years, it has grown by 64 percent.
A meeting with representatives of Azerbaijan's Financial Market Supervisory Authority (FIMSA), the Compulsory Insurance Bureau, Pasha Hayat Sıgorta, Ateshgah Hayat Sıgorta, Qala Hayat Sıgorta and Xalq Hayat insurance companies was held at Azerbaijani Ministry of Labor and Social Protection of the Population on August 22.
The purpose of the meeting was to discuss the work and upcoming tasks within the application of the signed memorandum of cooperation between the ministry and the those structures.
Mustafa Abbasbeyli, Advisor to the Minister of Labor and Social Protection, spoke about the importance of compulsory insurance against industrial accidents and loss of professional ability to work as a result of occupational diseases.
He emphasized the importance of cooperation between government agencies, employers and insurance companies in this area. Abbasbeyli noted that the reforms carried out by the ministry in a number of areas, especially the introduction of online systems, have become widespread.
During discussion of the work that will be done in the cooperation, it was noted that the implementation of online exchange of information will allow to cover all employees of the country with compulsory insurance.
Moreover, it will enable to take measures in accordance with the law with regard to employers who do not insure their employees, identifying them in online order, and generally to improve the control system in this area.
An online system to improve insurance market will lead to the significant simplification of the work process for insured persons in case of insured events and shorten the time of working with officials when receiving necessary documents.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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