Azerbaijan, Baku, Nov. 28 / Trend A. Akhundov /
Azerbaijani insurance companies will gather over 300 million manat as of 2012, head of the State Insurance Supervision Service Namiq Khalilov told media on Tuesday.
He stressed that the share of compulsory insurance will be at the level of 30-35 per cent by late 2012.
"This year, the market growth engine was mandatory insurance, which gives impetus to the development and volunteer kinds," he said. "For example, mandatory liability insurance of vehicle owners, which is now a very lucrative type of insurance will eventually become unprofitable. However, work on mandatory liability insurance of vehicle owners enables to sell insurance policies on profitable voluntary motor insurance (CASCO)."
He said that the growth of compulsory insurance market will stabilize in 2013.
"The growth of the total insurance market will not be as large as in the current year, however, it will be," he said. "We will begin to think about the ways of expanding sales of other profitable products on the basis of the existing customer base."
The official exchange rate is 0,7849 AZN/USD on Nov. 28.