Expert: Azerbaijani insurance market is attractive by its lack of development and relative cheapness

Expert: Azerbaijani insurance market is attractive by its lack of development and relative cheapness

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

Foreign insurers appreciate the investment attractiveness of the insurance sector in Azerbaijan. It was stressed at the International Insurance Conference in Istanbul.

The executive director of the Azerbaijani Association of Insurers Azer Aliyev said that the Azerbaijani insurance market is attractive for foreign investors, because it is not developed today.

"But this market has huge potential due to certain natural resources, promoting sustainable economic development, nine million people, having a tendency to increase, as well as to its geographical location," he said.

He said that the Azerbaijani market is also attractive to foreign insurers by its price.

"It will be rather cheap for global players in the insurance industry to join our market at this stage," he said. "The cost of the insurance companies, as well as the required investment for their development will be much lower than in developed markets. But there will be much more effect."

New large international companies are expected to increase their interest in joining the insurance market of Azerbaijan for the next 2-3 years, Namig Khalilov, the head of the Finance Ministry's State Insurance Supervision Service said earlier.

"There was great interest in the Azerbaijani insurance market before 2008," he said. "Some companies held preliminary talks on this occasion. However, many large companies, showing the real interest, faced some problems in connection with global financial crisis that forced them to postpone investment plans for the future.

He added that the cancellation of the limit of foreign capital in Azerbaijani insurance companies in accordance with the Law "Insurance Activity", operating since March 2008, has increased the investment attractiveness of the Azerbaijani insurance market.
"The bright confirmation of this is that French AXA joined the Azerbaijani insurance market last year," he said. "I'm convinced that other foreign insurers are also expected to show their interest in Azerbaijan in the coming years."

He added that the leading international insurers' joining the Azerbaijani insurance market will y contribute positively to the market's development. The most important thing is that these companies bring their experience, accumulated over decades of work in dozens of countries worldwide, to Azerbaijan.

At present, there are 28 insurance companies (including five with foreign capital), a reinsurance company, six brokerage companies (including five with foreign capital).
In the first quarter of 2011, premiums and payments of the insurance companies, operating in Azerbaijan, were 49.129 million manat (up 9.9 percent from the same period of 2010) and 12.975 million manat (up 26 percent).

Tesla Israel headquarters nears completion
Tesla Israel headquarters nears completion
Israel registers 9,089 new COVID-19 cases, 574,718 in total
Israel registers 9,089 new COVID-19 cases, 574,718 in total
Israeli pensioners party after COVID-19 booster shots
Israeli pensioners party after COVID-19 booster shots
Loading Bars
Latest
Iran's Marun Oil & Gas Production Company manufactures certain equipment
Iran to begin COVID-19 vaccinations in coming weeks: President Rouhani
France registers 23,924 new COVID-19 cases, 230 deaths in one day
Turkmenenergo to sign new contracts with foreign companies
7.0-magnitude quake hits South Shetland Islands: CENC
Turkey reports 5,856 new COVID-19 cases, 2,424,328 in total
After first phone call, UK PM Johnson looks forward to working with Biden
UK records another 33,552 coronavirus cases, 1,348 deaths
WHO reports over 600,000 new daily cases of COVID-19
Azerbaijani, Turkish FMs discuss pirate attack on ship
Top Spanish general resigns over allegations of vaccination queue-jumping
Pirates hijack Turkish ship off coast of Guinea, one person killed
BMB Trade Group and Uzbek Saffron Research Center discuss saffron cultivation and processing
Trend TV shares video report from plundered during Armenian occupation Azerbaijani Zangilan
Belarus, Kazakhstan seek closer cooperation in exchange trade
Management of Azerbaijan's State Oil Company being improved - Decree
New staff of Azerbaijani SOCAR's Supervisory Board approved
Georgia's external merchandise trade down 14.8% in 2020
Turkey halts flights from Brazil due to new COVID-19 variant
Gas pressure in Iran's South Pars gas field projected to decrease
Iran's gas processing potential to increase
Portugal holds presidential election as COVID-19 cases spiral
Italy reports 488 coronavirus deaths and 13,331 new cases
Italy to rethink vaccine roll out if supply problems persist
US broadcaster, journalist Larry King dies aged 87
Russia signs deal with Turkey on vaccine production
Azerbaijani MoF issues footage from Kalbajar district's Gamishli village (PHOTO/VIDEO)
Manat exchange rate against dollar to remain unchanged - Standard & Poor's
Bahar Azadi gold coin price again falling in Iran
Azerbaijan considering issues of regional schools damaged during Karabakh War
Iranian Energy Exchange announces products to be on sale on January 24
State subsidy to increase from 10 to 15 GEL per 50 kg of wheat flour in Georgia
Goods transit via Iran's Bileh Savar on rise
Tax authorities of Kyrgyzstan, Russia discuss launch of joint project
Japan's COVID-19 death toll exceeds 5,000 as total cases surpass 360,000
Indian gov't confirms outbreak of bird flu
Azerbaijani president expresses condolences to Ukranian counterpart
Bulgaria to ease some COVID-19 rules, restaurants closed for now
COVID-19 vaccine delays may slow wider Irish roll-out, says PM
Azerbaijan confirms 705 more COVID-19 recoveries
WHO office in Azerbaijan discusses project on preventing deaths from COVID-19 pandemic
Uzbek-Korean Uz-Kor Gas Chemical to buy spare parts for water purifier via tender
Georgia increases import of vehicles from Turkey
Geostat reveals volume of ferroalloys exported from Georgia to Turkey
Iran oil export never reached zero - Iran's Oil Minister
Azerbaijani expert talks impact of recycling old cars on traffic jams
Weekly review of highlights in Azerbaijani ICT sector
Uzbekistan’s Uzpromstroybank reveals plans for strategic dev’t in 2021
WHO chief thanks India, PM Modi for 'support to global Covid-19 response'
Yukselish competition organizes webinar presented by Azerbaijani president's assistant (PHOTO)
Iran reveals COVID-19 data for January 23
Azerbaijan shares footage from Ashaghy Maralyan village of Jabrayil district (PHOTO/VIDEO)
Turkmenistan taking measures to further increase volume of cotton production
Iran to increase Shiraz municipality budget
Azerbaijani oil prices fall
Georgia sees decrease in COVID-19 cases
Russia reports 20,921 coronavirus cases over day, record low since November 11
Iran-Iraq-Syria transit route would improve economy - Iran's Minister of Road
Azerbaijan and Turkey ink MoU to support SMEs (PHOTO)
Karabakh's geography allows developing various tourism products - Azerbaijan Tourism Board
Standard & Poor's upgrades Azerbaijan's credit rating outlook
Georgian import of medical products from Turkey down
Uzbekistan reveals COVID-19 data for January 23
Brazil President Bolsonaro thanks PM Modi for 'sanjeevni booti' against Covid with Hanuman pic
India's COVID-19 vaccine diplomacy shines in South Asia and beyond
Cooperation on North-South Corridor to be researched during Iran’s FMA visit to Azerbaijan
First Batch of COVID-19 Vaccines Arrive in Myanmar from India
Iranian currency rates for January 23
Joint dev't of Dostlug field to be commercially, technically attractive - Wood Mackenzie
Socio-economic situation in Armenia deteriorating - Azerbaijani MP
AstraZeneca to supply 31 million COVID-19 shots to EU in first quarter, a 60% cut
Iran and Cuba to increase production capacity of COVID-19 vaccine
Iran and Russia to increase transportation ties
One Year to Special Olympics World Winter Games Kazan 2022
Azerbaijan producing lubricants based on new components
Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
Cancelling SMS permits due to eased quarantine raises passenger traffic in Baku
Turkey halts flights from Brazil due to new COVID-19 variant
COVAX to purchase 40 mln doses of Pfizer-BioNTech vaccine - WHO
Kazakhstan welcomes entry into force of Treaty on Prohibition of Nuclear Weapons
Fitch downgrades three Georgian Banks' support ratings
Tax authorities of Kyrgyzstan, Russia discuss launch of joint project
Chinese Mission to EU condemns European Parliament for interfering in Hong Kong affairs
Dev't of "green" energy potential in Azerbaijan’s Karabakh region to attract investments
Denmark halts UAE flights for five days over COVID-19
UK business activity suffers steep slump in January amid fresh lockdown
Kazakhstan boosts exports volume to Canada amid COVID-19
Kenya Airways suspends flights to France, Netherlands due to COVID-19
Italy tells TikTok to block users after death of young girl
UK records another 40,261 coronavirus cases, 1,401 deaths
Canada's Trudeau presses Pfizer CEO on vaccine shortage, hints at travel crackdown
Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption
Georgian ski resorts remain closed
Kazakhstan increases volume of petroleum oil exported to Germany
Four men jailed for manslaughter of 39 Vietnamese migrants in UK
Reports that Azerbaijani Minister of Sports fell into coma - not true
Turkey registers more than 5 967 new coronavirus cases
Iran has increased oil export - Minister
UAE confirms it inked $23 billion deal to buy F-35 jets, drones from U.S.
Georgian President meets EU Commissioner for Neighborhood and Enlargement
All news