Azerbaijani insurance market is predicted to increase by 16 times by 2025

Azerbaijan, Baku, April 30 / Trend A. Ahundov /

A long-term strategy of Azerbaijan's economic development for 2011-2025, prepared by the Ministry of Economic Development, envisages bringing the share of leasing portfolio in the country's GDP from 0.5 percent in 2009 to at least 3 percent in 2025. This figure reduced up to 0.37 percent in GDP by late 2010.

The deputy head of the Strategic Planning Department of the Ministry İlkin Majidov said this at a two-day conference on Azerbaijani-Turkish cooperation on "Socio-economic development in terms of globalization" in Baku.

According to the draft strategy, the volume of the leasing market in the country in 2009 amounted to $ 215 million. The portfolio is expected to reach $ 3.108 billion by 2025.
According to the State Service for Insurance Supervision at the Azerbaijani Ministry of Finance, the total volume of insurance premiums in 2010 amounted to 155.59 million manat ($ 195 million at the exchange rate of 0,7979 AZN / USD in late 2010).

Accordingly, the insurance market will increase by 2025. According to the government's forecasts, it will increase by 16 times.

The ministry considers it necessary to increase the level of capitalization of insurance companies, to expand the range of products and services (reinsurance, life insurance, etc.), as well as to create a specialized fund for insurance in the agricultural sector, to improve the list of agricultural property and natural disasters as insurance claims in the relevant legislation to achieve these goals.

According to the schedule of capitalization of insurance companies, the minimum level of capital for insurers is determined at the level of 5 million manat and reinsurers - 10 million manat until 2013.

The head of the State Insurance Supervision Department Namig Khalilov earlier told Trend that the amount of the insurance market in Azerbaijan will double for the next five years.

"There are all prerequisites for this," he said. "These predictions are based mainly on the potential of the car insurance markets, private and corporate property insurance and voluntary life insurance".

He said that today the main task is for the insurance to mode from the public and corporate policy to a private individual policy and for people to better protect their property interests. This will significantly increase the volumes of the insurance market of the country. The potential worth 1 billion manat can not be a limit here.

"There are countries with the population less than in Azerbaijan. Their insurance markets have already exceeded a 1 billion level," Khalilov said.

At present, there are 28 insurance companies (including five with foreign capital), a reinsurance company, six brokerage companies (including five with foreign capital).

Azerbaijan launches project to develop women's entrepreneurship
Azerbaijan launches project to develop women's entrepreneurship
Azerbaijan’s Diamond Motors company names winner of tender for purchase of vehicles
Azerbaijan’s Diamond Motors company names winner of tender for purchase of vehicles
MP explains Iran's benefits of selling oil products instead of crude
MP explains Iran's benefits of selling oil products instead of crude
Loading Bars
Palestinians resume rocket attacks on southern Israel - army
Saudi Arabia to lift travel ban on citizens from May 17
Number of COVID-2019 cases across globe up by over 658,000 in past day, WHO reports
Two dead, dozens hurt in Israeli synagogue accident
Azerbaijan launches project to develop women's entrepreneurship
Bitcoin rises 5.6% to $49,337.72
UK records another 1,926 coronavirus cases, 4 deaths
Tourism Administration to participate in Dubai Tourism Exhibition
Iran to vaccinate 14m citizens against COVID-19 by end of June: Minister
Uzbekistan and Tajikistan discuss the development of trade and economic ties
Value of Turkish cars imported by China surges
Azerbaijan using combat aircraft units in military exercises (VIDEO)
Azerbaijani grabs gold at 2021 US Judo Senior National Championships (PHOTO)
Ankara Commission investigating crimes committed during Karabakh war holds first meeting (PHOTO)
Tank units of Azerbaijani Armed Forces perform tasks within scheduled exercises (VIDEO)
Azerbaijan’s Diamond Motors company names winner of tender for purchase of vehicles
Iran kicks off operation to develop Kong fishing port in Hormozgan Province
Political parties in Armenia urge to oust active PM and president
Iran's Energy Exchange announces products to be on sale on May 17
MP explains Iran's benefits of selling oil products instead of crude
Slovenian Port of Koper could serve as fastest way and entry point for Georgian goods entering EU
Rising commodity prices create preconditions for potential strengthening of currencies in CIS - expert
Azerbaijan names number of sold cars in 1Q2021
Azerbaijan discloses volume of non-oil products exported to Turkey
Azerbaijani Army's missile, artillery units heading for exercise areas (VIDEO)
Bahar Azadi gold coin price rising in Iran
National Iranian Drilling Company starts drilling operations on Siyah Makan oil field
French investment bank to assist in transformation of state-owned enterprises in Uzbekistan
Khazar consortium opens tender for purchase of office equipment in Turkmenistan
Udi people always feel attention of Azerbaijani president, first lady - head of Albanian-Udi Christian community
Azerbaijan's economy shows positive tendencies in March 2021, says WB
Travel to Saudi Arabia to resume Monday after year of restrictions
Royal Caribbean cancels new cruise line from Israel over unrest
Cargo movements in Iran’s Amirabad port shrink
Ranking of best-selling cars in global market for 1Q2021 announced
Bolivia receives another batch of Russia’s Sputnik V vaccine
Turkmen Communications opens tender for supply of equipment
Iran exporters seek stable foreign currency rate
Azerbaijan discloses date of next plenary parliamentary session
Personnel, military equipment of Azerbaijani Armed Forces sent to exercise area (PHOTO)
First Armenian president reveals reasons for country’s defeat in Karabakh war
Iran’s NIOC, POMC to sign contract on development of Farzad B gas field
Activities in Iran’s Noshahr port intensify
Greece talks latest trade data with Turkmenistan
Azerbaijan shares data on number of vaccinated citizens for May 16
Kazakhstan boosts trade with Poland
Azerbaijan confirms 472 more COVID-19 cases, 1,122 recoveries
Azerbaijani manat's exchange rate remains stable - WB
Kazakhstan unveils its trade structure with EAEU countries for 1Q2021
Greece exploring ways to further diversify bilateral trade with Turkmenistan
Iran's Ministry of ICT to provide free internet for presidential candidates
Iran lifts steel ingots export ban
Azerbaijan, Germany implementing joint agricultural projects
Iran declares amount of loans issued in Fars Province
Detailed look at Turkmenistan's development of agriculture sector (2020 - May 2021)
Tourism potential of Azerbaijan's liberated Shusha at int'l exhibition in Dubai (PHOTO)
Ports and Maritime Organization of Iran seeks tax exemption for Chabahar port
Azerbaijan discloses insurance fee for rice fields
Abu Dhabi shares at record high, shrugging off Israel-Palestine tension
Israel's import of Turkish chemicals spikes in value
SOCAR Ukraine temporarily suspends premium fuel sales
Britain to hold meeting to encourage global COVID vaccine take-up
Azerbaijani agrarian agency signs tender to attract judicial services
Purchasing of rapeseed from farmers in Iran continues
CPI up 0.3% in April, well below expectations
Uzbekneftegaz shares data on shipment of sulfur products
Russia’s COVID-19 spread rate surpasses 1 for eight days in a row
Disney World and other U.S. theme parks update mask rules
Troops of Azerbaijan's Nakhchivan garrison to launch new command-staff exercises
Share of non-performing loans in Georgia doubles
EU allocates financial aid for programs in support of Georgian private sector
Government Trading Corporation of Iran unveils volume of wheat purchased from farmers
Iran's free trade zones require private sector investments - President Rouhani
Volume of cargo loaded, unloaded in Iran’s Anzali port decreases
Azerbaijani parliamentary delegation leaves for visit to Italy
Bitcoin rises 5.6% to $49,337.72
Most temples belonging to Udi people are either in ruined or dilapidated condition. Therefore, we will restore them too - President Aliyev
Iran's launches supercomputer
Proxy advisor ISS recommends votes for Chevron CEO, directors
WB talks growth of lending to Azerbaijan's economy
Saudi Arabia's national airline to resume flights to Georgia
Uzbek commodity exchange notes decrease in prices for cotton seeds
Udi people have great historical heritage - President Aliyev
Georgian FM to pay official visit to Kyiv
Iran’s East Oil & Gas Production Company boosts gas extraction
Biggest share of Azerbaijan's GDP accounts for industry
Turkmenistan interested in expanding co-op with Russia’s Lipetsk region
Azerbaijani Armed Forces continue exercises, moving to operational areas (VIDEO)
Georgia sees increase in COVID-19 cases
Iran reveals COVID-19 data for May 16
Russian airline expanding route of flights in direction of Baku
Azerbaijan expected to approve another int'l document on migration issues
Iran government increases pensions
Retail trade indicators up in Kazakhstan
Physical volume of Kazakhstan’s GDP down in 1Q2021
Turkmenistan, Iran talk over increasing sea transportation in Caspian Sea
Ministry talks social benefits paid out to population in Azerbaijan since early 2021
GDP per capita increases in Azerbaijan
Azerbaijan discloses amount of trade surplus for 1Q2021
Azerbaijan creating industrial clusters to develop metallurgical industry
All news