Expert: Azerbaijan's insurance market will grow in 2010

Business Materials 2 March 2010 13:11 (UTC +04:00)

Azerbaijan, Baku, March 2 / Trend U.Ismayilova / 

The State Insurance Supervision Service under the Azerbaijani Finance Ministry forecasts increase in the volume of insurance fees in the country in 2010, Deputy Service Mushfig Israfilov said.

"In 2010, the growth of the country's insurance market will be observed along with the general trend of economy's development," he said.

According to him, despite the fact that in 2009 the total amount of premiums of the Azerbaijani insurers decreased by 15-16 million manat, we will not observe reduction in 2010.

He named the impact of the financial crisis, the decline in bank lending and other factors as the reasons for slower growth of the country's insurance market.

About 28 insurance and one reinsurance company operate in Azerbaijan. In 2009, the companies' total premiums amounted to 163.31 million manat, with payments of 53.07 million. In 2008 these figures were 179.26 million manat and 49, 81 million manat, respectively. Thus, bonuses for the year declined by 8.9 percent and payments rose by 6.5 percent.

March 2, the official exchange rate is 0.8030 manat to $2.

Do you have any feedback? Contact our journalist at: [email protected]