Azerbaijan determines insurance sector medium term development priorities
Azerbaijan, Baku, Oct. 23 / Trend A. Akhundov /
Azerbaijan has determined the insurance sector development priorities in the medium term.
According to the draft concept of the socio-economic development of the country for 2014-2017, Azerbaijan will focus on the following areas to form an effective insurance system:
- Improving the legal framework for the development of the insurance system and its transformation into an important factor of economic growth;
- Strengthening the financial stability and solvency of insurers;
- Providing employees with mandatory health insurance by employers;
- Improvement of mechanisms to protect the interests of insurers;
- Improving the efficiency of state supervision over insurance ;
- Development of the transformation of people's deposits into long term investments;
- Continued integration of the national insurance system into the world one;
- Improving paperwork procedure during insurance claims.
The total amount of premiums of all the companies operating in the country stood at 303.38 million manat, an increase of 18.36 per cent in January-September 2013. The payments were made during the reporting period to the amount of 88.53 million manat (an increase of 30.86 per cent).
The official exchange rate is 0,7844 AZN/USD on Oct. 23.