Camil Melikov: "Crisis allows insurance companies to search new directions of development"

Due to the reduction in the volume of banking business on the background of the global financial crisis the insurance companies of Azerbaijan have focused on other market segments, said head of the observation council of the Association of Insurance companies of Azerbaijan Camil Melikov.

He said crisis allows the insurance companies to search new directions of development, promote new products to the market, establish a new customer portfolio.

"In the past years a great part of business of insurance companies was based on cooperation with banks, but due to the crisis and its influence on this banking sector drop may be observed in this segment in 2009", said Melikov.

He said in 2009 the Association will intensify works to propagandize insurance services and raise insurance culture by holding international conferences, seminars and other arrangements.

/Day.Az/