Azerbaijan, Baku, 2 April / corr Trend U.Ismayilova / Presence of companies with 100% foreign capital in the Azerbaijani insurance market will give impetus to the development of local market, Aydin Rahmanov, the deputy chairman of Standard Insurance, one of the huge insurance companies of Azerbaijan, said on 2 April.
"Presence of companies with huge opportunities at the Azerbaijani market will make the local companies to develop," Rahmanov said.
On 15 March new law on Insurance activities in Azerbaijan and it cancelled 49% limit on the foreign investors' participation in the local companies' capital.
Four insurance companies with partially foreign capital function in Azerbaijan.
"The difference will be in case if big local companies dictate their rules for market and are lazy in their development. They will develop further so that not to complicate their indices," Rahmanov said.
Twenty-eight insurance companies and one reinsurance company function in Azerbaijan. In 2007, the premiums of Azerbaijan's insurance companies totaled AZN 147.2mln and payments AZN 35.62mln.
Top ten at the insurance market includes companies with the premiums ranging from AZN 5mln to AZN 20mln. In 2007 the lowest indicator was fixed at AZN 0.06mln. The difference between amount of premiums of the biggest company and the weakest company was approximately 350 times.
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