AIA: Insurance market development has room to develop

Business Materials 19 May 2011 16:42 (UTC +04:00)

Azerbaijan, Baku, May 19 / Trend, A. Akhundov /

Today, there is no obstacle for Azerbaijani insurance market development, Azerbaijani Insurers Association (AIA) Executive Director Azer Aliyev believes.

"We have everything for the development. The economy is developing, the money flows into the country. The state has a desire to help developing the insurance market. It fulfills its functions, work is underway over new laws, and after their adoption their observance will be controlled. There is also no problem with human potential, as we have good, skilful insurers," Aliyev told Trend on Wednesday.

He said the only obstacle might be the absence of insurers' activity.

Azerbaijani insurance premiums on compulsory insurance against disability resulting from occupational diseases and industrial accidents hit about 8.709 million in January-April, which is 46.13 percent more than the figure in January-March.

"We often complain that there is very low insurance culture in the country, but I do not agree with it. We have enough skilful people, and properly explaining insurance benefits to people, we can increase their insurance culture," Aliyev said.

He said just after a year and a half Azerbaijan's insurance market may increase by several times.

The total premiums of all companies operating in the country amounted to 66.342 million manat (23.47-percent increase), with payments of 17.673 million manat (21.71-percent increase).

Azerbaijan has 28 insurance and a reinsurance company.

The official exchange rate is 0.7903 manat to $1 on May 19.