Azerbaijan, Baku, September 17 / Trend A. Akhundov /
Nothing is preventing the development of the insurance market in Azerbaijan, the Azerbaijani Insurers Association executive director Gafar Majidov said.
"Nothing is preventing the development of the market. Only time is required," Majidov said.
He said that it is necessary to work in many directions to develop the insurance market in Azerbaijan.
"First of all, it is necessary to improve legislation, the ethics of insurance," Majidov said.
He said that his views on the future insurance market in Azerbaijan are very optimistic.
"Life-companies began to appear on the market. Azerbaijan is being gradually integrated into Europe and the international community. The industry and infrastructure that create a demand for insurance services are developing in the country," Majidov said.
Such forecasts are based on the likelihood that about 3-4 years will be required to develop life insurance in Azerbaijan.
The Azerbaijani Insurers Association was established in December 2006.
There are 28 insurance and one reinsurance companies in Azerbaijan.
As of September 17, the official exchange rate is 0.8033 manat to $1.