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Market participant: Share of compulsory insurance in Azerbaijani market will grow over next five years

Business Materials 14 May 2011 12:21

Azerbaijan, Baku, May 14 /Trend, A.Akhundov/
The growth in the share of compulsory insurance in the insurance market of Azerbaijan will continue over the next five years. Further, if new types of compulsory insurance are not introduced, the share of voluntary insurance will grow, chairman of the Qarant Sığorta Insurance Company Vagif Hasanov said Friday in an interview with Trend.

According to him, compulsory insurance on labor ability loss in production contributes to a serious revival of the market as a whole, as it creates opportunities for the insurance company to come to a company and tell them about itself.
By the end of 2010, total premiums of all companies operating in the country amounted to 155.59 million manat, and payments 53.83 million manat.
During this period, a total of 27 insurance companies and one reinsurance company operated in Azerbaijan.
The amount of premiums for compulsory insurance for the period totaled 31.283 million manat (20.1 percent) for payments of 8.56 million manat (15.9 percent).
The new draft law on compulsory insurances, which is discussed in the country's parliament, regulates four types of compulsory insurance - real estate, TPL, passenger insurance, insurance of liability in the operation of real estate.
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