Azerbaijan, Baku, 30 April / Trend corr. U.Ismayilova / The number of foreign insurance companies has been increasing rapidly in the Azerbaijani insurance market owing to the perspective development of the market, Namig Khalilov, Head of the State-run Insurance Control of the Azerbaijani Finance Ministry, stated.
"The insurance market of the country has increased almost by 60% in recent times," Khalilov stated to Trend .
According to Finance Ministry, the insurance companies collected premiums in the sum of AZN 147.2mln with payments of AZN 35.62mln in 2007.
The representative of the Russia's largest company ROSNO was opened in Azerbaijan. The representatives of such largest insurance companies like Malakut and Ingosstrax also operate in Azerbaijan. Ingosstrax has already expressed its will to acquire its own company in the country. ROSNO officials stated that they wanted to acquire their own company in Azerbaijan as well.
Khalilov stated that reason that attracts the foreign insurers to Azerbaijani insurance market is because of the newly passed Bill on 'Insurance activity', which cancelled the 49% limit on participation of the foreign investors.
The new Bill came into force on 15 March. The Bill defined main directions and principles for development of insurance system, specialized participants of the market, insurers and re-insurers, as well as defined the economic grounds and right of state insurance regulator and supervisor.
Twenty-eight insurance and one re-insurance company are currently operating in Azerbaijan.
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