Azerbaijan, Baku / corr Trend U.Ismayilova / Collection of the insurance market in Azerbaijan increased by 39 times over 12 years (from 1995 to 2007), Jamil Melikov, the chairman of the Managing Board of MBASK insurance company, also deputy chairman of the Azerbaijani Association of Insurers, said on 18 December.
"The collection by insurance companies rose from $3.9mln to AZN 150mln by the end of 2007," Melikov said.
Melikov said that the insurance market in Azerbaijan has been in progress after the signing if the contract of the century in 1994.
Melikov said that in this period claims grew by approximately by 80 times, from $400,000 to $29mln by the end of 2007.
There are 30 insurance companies in Azerbaijan. The statutory capital on the results of 9 months of 2007 made up AZN 58.2mln. The combined insurance premiums made up AZN 101.42mln amid claims for AZN 24.20mln in January to September