Baku, Azerbaijan, June 19
By Emin Aliyev - Trend:
Azerbaijani reinsurance market rose by more than a quarter for the year 2013.
Board Member of "Pasha Sigorta" Tural Aliyev made the remarks in his speech at the 5th Azerbaijan International Insurance Forum.
"Azerbaijani insurance market is the largest in the South Caucasus region, its share makes up 57 percent. Furthermore, the local market is the leader on capitalization and is the largest consumer of reinsurance services. Regarding reinsurance, the Azerbaijani market is represented by one AzRE reinsurance company and ten insurance companies obtaining a license. Besides, there are more than 100 foreign insurance and reinsurance companies in the country in total with nearly 150 branches, as well as 60 reinsurance brokers," he said.
As regard to figures, some 113.45 million AZN of reinsurance premiums was paid in 2013, some 45.81 million AZN of which was transferred to local and 67.54 million manats - to foreign re-insurers, Aliyev noted.
"The volume of fees rose by more than 26 percent for the year: for comparison, in 2012 the amount of such premiums amounted to 89.58 million AZN- 38.74 million AZN and 50.84 million AZN to local and foreign reinsurance companies, respectively. Thus, it can be said that the market is growing, and the presence of sufficiently a large number of reinsurers on the background of a small volume of the total insurance market in Azerbaijan, it can be confidently assumed that local reinsurers will enter to the neighboring markets in the future," he said.
Official exchange rate on June 19 is 0.7843 AZN / USD.
Edited by CN