Azerbaijan, Baku, June 20 / Trend, A. Akhundov /
The Azerbaijani Finance Ministry expects an increase in the insurance market up to 1 billion manat during the next five years, head of the State Insurance Supervision Service under the Azerbaijani Ministry of Finance Namiq Khalilov told journalists on Thursday.
He was taking part in the fourth International Insurance Forum in Baku.
"If the market maintains its growth rate and increase by 20 percent per year, one can expect that it will reach 1 billion manat in the next five years," he said.
As for the possible appearance of new foreign players in the Azerbaijani market, Khalilov said that the leading insurance companies in the world deal with their own problems amid the ongoing global economic crisis.
The total volume of premiums of all companies operating in the country amounted 342.52 million manat (annual growth of 60.8 percent) as of 2012, and payments worth 93.86 million manat (an increase of 52.45 percent) for the reporting period.
The official exchange rate is 0,7845 AZN/USD on June 20.