Analysis of Real Property Insurance Market in Azerbaijan

Abstract

This research paper indicates the latest situation in the insurance market about real property insurance after fires. It emphasizes the function of insurance in the economic development of the Azerbaijan economy. The primary aim of this research is to analyze the current state of the real property insurance in Azerbaijani and assess its potential. Recent fires in commercial shops have highlighted the importance of insurance. It uncovers the current circumstances that occurred among insureds and insurers. In addition, challenges faced by the insurance sector were investigated and certain policy recommendations were provided, in order to strengthen the position of the insurance sector in the country and future positive impacts on the development of the local economy. The indicated paper evaluates the newest progressions in the insurance climate in Azerbaijan including a target over fiscal, contractual, and commanding guide for the insurance sector in Azerbaijan. The effect of the administration guide of the insurance sector is analyzed and zones for additional activities are featured in the article. Within the framework of current research valuable recommendations and proposals have been provided.

Keywords: Insurance, Market, Real Property, Azerbaijan

JEL Classification: G2, G3, G20, G22, G28, L26, L32, L85