Insurance market of Azerbaijan may grow by 40% in 2018
Baku, Azerbaijan, Sept. 28
By Anvar Mammadov - Trend:
Azerbaijani insurers expect the country's insurance market to grow by 40 percent by the end of the year, the Chairman of the Azerbaijan Insurers Association (AIA) Mustafa Abbasbayli said Sept. 28.
He made the remarks at an event dedicated to the signing of a Memorandum between the Ministry of Labor and Social Protection of the Population of Azerbaijan, the Financial Market Supervisory Authority (FIMSA), the Compulsory Insurance Bureau and insurance companies.
"The insurance market of Azerbaijan has been showing stable growth for many years. Every year the market showed a 10 percent increase. But this year the market shows a growth by 30 percent. This can be seen from the results of the eight months of 2018. Therefore, we expect that by the end of the year the indicator of the insurance market of Azerbaijan will reach the level of 750 million manats, which means an increase of 40 percent," Abbasbayli said.
The head of the AIA noted that the main task facing the insurance market of Azerbaijan today is to achieve proportional growth of all types of insurance.
"To date, some types of insurance in the country are growing quite intensively, but other types are staying at a stable level. We want to achieve proportional growth of all types of insurance. In particular, our plans include an increase in compulsory industrial-accident insurance fees from the current 40 million manats to 100 million manats. This means a 150 percent increase in this type of insurance," Abbasbayli said.
In January-August 2018, Azerbaijani insurance companies collected premiums for 517 million manats, which is by 40 percent more than the same period last year. The insurance companies' payments during the reported period amounted to 169 million manats, which is 1.2 percent more than in January-August 2017.