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Azerbaijani Government Calls Main Priorities for Insurance Market Development

Business Materials 3 November 2008 18:36 (UTC +04:00)

Azerbaijan, Baku, 3 November / Trend , corr. U.Ismayilova /The key policy of the Azerbaijani Government in the insurance development sphere is to create national insurance system providing efficient and stable market, protecting market from potential risks and forming investment resources, the state budget project of Azerbaijan for 2009-2012 said.

The draft budget states that the development of the insurance market means the improvement of quality of insurance services for both individuals and legal entities; settlement of reinsurance operations in the interests of the country's economy, public education and skills training; increase in the proportion of premiums in GDP, adoption of new regulations to regulate the insurance business, strengthening of measures for the integration of the Azerbaijani insurance market in world

The main issues to develop the insurance market in the state budget include: to develop the insurance system, improve the legal framework, provide an effective mechanism for public oversight, develop long-term transformation of public investment, migration national insurance system in world.

There are 28 insurance and one re-insurance company in Azerbaijan. The last Law 'On Insurance activity' was accepted on 15 March.

The correspondent can be contacted at: [email protected]

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