Azerbaijani Insurance Companies Intensively Developing Against Background of World’s Companies – Expert
Azerbaijan, Baku, 22 May / Trend corr U. Ismayilova/ Attracting foreign capital to Azerbaijani market, which has recently became more active, affects overall development of the country's market, expert Dovlat Salimov, manager of StarAlyans insurance company, said on 22 May.
"Azerbaijani insurance companies are also actively developing against a background of world's insurance companies," Salimov said.
Representations of large insurance companies such as Ingostrakh, Malakut and ROSNO (established by Europe's largest insurance company Allianz) are operating in Azerbaijan's insurance market.
Active growth at the market is also caused by companies' premiums (AZN 150mln in 2007, while in 2006 it was AZN 88.33mln).
"All these indices show the market growth and growth of the population's trust into the insurance market," Salimov said. Improved legislative basis also contributes to development of the market.
According to Salimov, Azerbaijan's insurance market commenced independent development in 1992, when the first independent Law on Insurance was passed. The second independent law was passed on 25 June 1999 which in its turn gave next impetus to development in the market. The recent Law on Insurance operating in Azerbaijan, since 15 March 2008, has promoted the professional development of the market. The new Law corresponds to that of the European and world insurance standards.
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