Azerbaijani insurance market to preserve current growth rates in 2012

Business Materials 19 December 2011 17:54 (UTC +04:00)

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

Azerbaijan's insurance market will keep the current pace of growth next year, head of the State Insurance Supervision Service Namig Khalilov told Trend today.

"In 2012, the market may increase by about 30 percent," he said. "We plan to collect 200 million manat by late 2011. We can predict 260-270 million manat by late 2012."

He said the growth will be stipulated by the law on "Mandatory insurance."

The total volume of premiums of all companies operating in the country was 179.097 million manats for the first ten months of the year (the growth at 37.45 per cent per year). The payments were carried out at 48.53 million manat (growth of 17.59 per cent) for the period.

There are 28 insurance and one reinsurance company in Azerbaijan. Fidan Sıgorta and Gunay Sıgorta companies' licenses for insurance activity were suspended.

The official exchange rate is 0,7864 AZN/USD.