Azerbaijan, Baku, Oct.14 / Trend A.Akhundov /
A growth is expected in the Azerbaijani insurance market in 2011, Alfa Sigorta Board Chairman Khayal Mammadkhanli told Trend.
"We expect the growth because of several reasons. First, it will be ensured as a result of growing interest and public confidence in insurance. Second, insurance companies start operating in the country's regions," Mammadkhanli said.
According to him, one of the main prerequisites for market growth in 2011 will be the adoption of new legislative acts in insurance.
"The next year we expect an increase in contributions and limits on compulsory insurance, as well as the introduction of the law "On compulsory insurance of disability as a result of occupational diseases and industrial accidents. "I think that this law's mechanism will be worked out by late 2010," Mammadkhanli said.
[The 2011-state budget is expected to allocate 30 million manat for compulsory insurance against occupational diseases].
According to the State Insurance Supervision Service under the Azerbaijani Finance Ministry in January-August total collections of insurance companies operating in Azerbaijan amounted to 103.6 million manat, and payments -30.92 million manat.
Total premiums decreased by 15.98 percent (in January-August 2009 collections amounted to 122.67 million manat) compared to the same period of last year, and payments decreased by 8.89 percent (33.94 million manat).
In 2009, companies collected premiums worth 163.31 million manat, while amount of compensation hit 53.07 manat.
Official exchange rate is 0.8018 manat to $1 Oct.13.