Azerbaijan’s Insurance Market Need Sanitation – Expert
Azerbaijan, Baku, 30 March / Trend corr. U.Ismayilova / The new Bill on Insurance activity will develop the insurance market, if the market would be health, Shukur Huseynov, the Deputy Chairman of the company, stated on 30 March.
"New Bill provides development and raise of qualification among participants of market," Huseynov said.
The new Bill came into force on 15 March. The Bill will define main directions and principles of development of insurance system, specialized participants of market, insurers and re-insurers, as well as to define economic grounds and right of state insurance regulator and supervisor.
"If we create a strong competitiveness in insurance market then the market will meet international standards," Huseynov said.
There are 28 insurance and re-insurance companies in insurance market in Azerbaijan. Total volume of premiums of company as for 2007 made up AZN147.2mln and payments comprised AZN 35.62mln. The lowest volume of premiums were observed on AZN 0.06mln rate in Nisan Sigorta, and highest- AZN 20.68mln in the commercial insurance company AzerSigorta.
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