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Minister: Azerbaijani Finance Ministry to raise demand for insurance

Business Materials 7 July 2011 13:41
The Azerbaijani insurance market will increase by 10-12 percent in 2011, Finance Minister Samir Sharifov told Trend.
Minister: Azerbaijani Finance Ministry to raise demand for insurance

Azerbaijan, Baku, July 7 /Trend A. Akhundov/

The Azerbaijani insurance market will increase by 10-12 percent in 2011, Finance Minister Samir Sharifov told Trend.

"The predicted 30-percent-growth in the insurance market [according to market participants] is very optimistic, but we expect it to increase by 10-12 percent," the minister said.

The minister said that there is a serious legislative base in Azerbaijan, which allows for an increase in insurance company fees.

"Our goal is not to increase insurance fees," the minister said. "As regulators of the market, we strive for the services provided by insurance companies to be in demand among the population."

The minister said that the main goal is to make people aware that they should contact the insurance companies to insure against certain risks.

There are 28 insurance companies and one reinsurance company in Azerbaijan.
The total volume of premiums of all companies operating in the country in the first five months of 2011 amounted to 86.453 million manat (increased by 29.2 percent per year), and payments for the period were carried out at 22.195 million manat (increased by 19.9 percent).

The official exchange rate is 0.7870 manat to $1.

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