Market participant: Azerbaijan's insurance market requires comprehensive development
Azerbaijan, Baku, Apr. 10 / Trend U.Ismayilova /
Azerbaijan should take steps to improve legislation and adopt new laws on mandatory types of insurance, which will promote the development of voluntary insurance, AzSigorta CEO Ali Huseynov, who leads this position since October 2009, said.
"To solve the Azerbaijani insurance market's problems they should be approached comprehensively. All these measures will undoubtedly lead to the development of the country's insurance market," Huseynov said.
He said the new law "On insurance activity in Azerbaijan" and subsequent amendments thereto, as well as regulations adopted under this act that regulates various aspects of this activity, have eliminated a lot of gaps in the insurance legislation and created favorable conditions for further development of the market.
AzSigorta has been operating in the country's insurance market since November 2006. The company offers 28 types of insurance services, three of which are compulsory. In 2009, the company's premiums amounted to 10.75 million manat.
Apr. 10, the official exchange rate is 0.1035 manat to $1.
Do you have any feedback? Contact our journalist at: [email protected]