Azerbaijan, Baku, August 19 / Trend U. Ismayilova /
Azerbaijan's insurance market is expected to decrease by 20 percent by late 2009, a member of the Insurers Association's board, Azer Aliyev, said on August 19.
"In first six months, Azerbaijan's insurance market decreased by 17 percent," Aliyev said.
He said that many companies are seeking a way out of this situation. Some companies began to offer new insurance products and some are expanding the list of insurance agents.
"The situation on the insurance market is rather difficult. But the market is developing slowly. More stabile companies will continue their business and develop further," Aliyev said.
He said that in 2009, companies' takings hit 160 million manat.
There are 28 insurance companies and 1 re-insurance company in Azerbaijan. As of 2008, the companies collected premiums to the amount of 179.26 million manat with payments of 49.81 million manat. In first six months, takings hit 79.89 manat and payments made up 24.65 million manats.
On August 19, the official exchange rate is 0.804 manat to $1.
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