Azerbaijan, Baku, Oct. 19 / Trend A. Akhundov /
The total volume of the Azerbaijani insurance market will reach 500 million manat for the next two years, leading specialist of the licensing, complaint and appeal office under the State Insurance Supervision Service under the Finance Ministry Orhan Bayramov said at the opening of the Third National Insurance Olympiad today.
"We expect that total fees of the insurance market will amount to 350 million manat by the end of this year," Bayramov said.
He said that the expected changes in the agricultural and health insurance will contribute to this growth.
The total volume of premiums of all 28 companies operating in the country amounted to 256.325 million manat with payments worth 67.649 million manat in January-September.
"The market expansion will require new and professional specialists," Bayramov said.
Chairman of Azerbaijan Insurers Association Azer Aliyev said that the insurance market is one of the most dynamically developing sectors of the economy. Azerbaijan Insurers Association organizes the Olympiad.
"It is important for insurance companies in the pursuit of insurance fees not to forget to invest in strengthening the human resources," Aliyev said.
The representatives of Azerbaijani insurance companies attend the Olympiad. The total number of participants is 50. The participants will demonstrate their knowledge in the individual competition and a team game.
The official exchange rate is 0.7851 AZN/USD on Oct. 19.