Azerbaijan, Baku, Dec. 14 / Trend A.Akhundov /
Azerbaijani Finance Ministry expects further stable growth of the insurance market in the next two-three years, Deputy Finance Minister Azer Bayramov told Trend on Friday.
"Last year, significant growth was observed in the market, and this year we expect further growth, exceeding the GDP growth rate, and even the non-oil GDP growth rate. I think this tendency will continue in the next two-three years, and our backlog in insurance fees in regard to GDP will decrease. Currently, the market's share in the GDP is below one percent, but it will gradually grow," Bayramov said.
Within the first 10 months of 2012, the total volume of premiums of all companies operating in the country amounted to 282.14 million manats (annual growth of 57.53 per cent), while the payments made during the reporting period stood at 75.46 million manats (a 55,49 percent increase).
Some 28 insurance and one reinsurance company operate in Azerbaijan.
The official exchange rate on December 14 is 0.7849 AZN / USD.