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Market participant: 80 percent of Azerbaijan's insurance market remains free

Business Materials 12 May 2011 20:19

Azerbaijan, Baku, May 12 /Trend, A.Akhundov/

The insurance market of Azerbaijan is big enough, but not covered by the insurance companies, chairman of the Qarant Sığorta Insurance Company, Vagif Hasanov, said in an interview with Trend.

"Currently, up to 70-80 percent of the market is absolutely free. This means that there is scope for action, and this, of course, is a big plus for us, " Hasanov said.

According to the insurers, the potential of the insurance market in the country is estimated at one billion manat, whereas last year it amounted to 155.59 million manat.

According to government forecasts, by 2025 the amount of the insurance market will reach three percent of GDP and is projected at $3 billion.

There are 28 insurance companies and one reinsurance companies in Azerbaijan.
Official rate on May 12 is 0.7908 AZN/USD.

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