Azerbaijan, Baku, April 9 / Trend A.Akhundov /
Azerbaijan is closing in on Turkey's share of insurance in GDP, but is still far behind the average indicator of the Organization for Economic Cooperation and Development (OECD).
This is stated in an article published in 'The Business Year' magazine dedicated to the insurance market of Azerbaijan.
"As the sector edges toward its target value of one percent of GDP - in 2011 the sector was worth 0.4 percent of GDP. This is still below the Organization for Economic Cooperation and Development (OECD) average of almost 10 percent, but closing in on neighbor Turkey's 1.5 percent," the article says.
The total premiums of all companies operating in the country amounted to 342.52 million manat (annual growth of 60.8 percent) in 2012, and 93.86 million manat in payments were made (an increase of 52.45 percent).
The State Service for Insurance Supervision under the Ministry of Finance of Azerbaijan expects a 20 percent growth in the insurance market of the country in 2013.
The official exchange rate on April 9 is 0.7846 AZN / USD.