Insurance market of Azerbaijan may grow by 40% in 2018

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.

Russia ready to rebuild relations with EU as much as Europe itself is — Kremlin
Russia ready to rebuild relations with EU as much as Europe itself is — Kremlin
Geostat reveals volume of Russian exports to Georgia
Geostat reveals volume of Russian exports to Georgia
Georgia shares data on main export products to Russia
Georgia shares data on main export products to Russia
Loading Bars
Latest
Kazakhstan's petroleum oil export to Greece jumps
Volume of problem loans increases in Azerbaijan
Uzbekistan decides to strengthen quarantine restrictions
Georgian Agriculture Ministry reveals import-export data with Turkmenistan
Denmark decreases import of Kazakh-made goods
Azerbaijan announces number of citizens vaccinated on June 25
Ministry discloses volume of chemical products imported by US from Turkey
Prospects for production of granular building materials discussed in Azerbaijan
Azerbaijan confirms 65 more COVID-19 cases, 89 recoveries
EDB organizes sovereign bonds placement of Kazakh Finance Ministry
Azerbaijan sees decrease in population's bank deposits
Eurasian Development Bank to support Kazakh state program for affordable housing
Turkmenistan building first private storage for agricultural products in Dashoguz
Uzbekistan reducing dependence on natural resources
Review of Georgia's exports to China from January through May 2021
Numerous investment projects to be implemented in Kazakhstan’s business center
Azerbaijan discloses gas production volumes at ACG and Shah Deniz
Azerbaijan unveils 5M2021 data on oil, condensate exports
Israel requires masks indoors again as Delta variant drives up cases
Exports of Turkish cars to France surge
Russia ready to rebuild relations with EU as much as Europe itself is — Kremlin
Consul General of Iran in Kazakhstan outlines local investment opportunities
Iran eyes to export technical engineering services to Kazakhstan
Berkshire Hathaway appears to buy back more stock
Chamber of Commerce talks Iran-Kazakhstan maritime trade
Number of vaccinated citizens in Uzbekistan passes 3 million
Uzbek-Korean JV opens tender to purchase spares for electrical products
Uzbek-Russian Natural Gas-Stream Company developing deposits managed by Uzbekneftegaz
COVID-19 kills 115 more Iranians over past 24 hours
Geostat reveals volume of Russian exports to Georgia
Georgia shares data on main export products to Russia
Geostat reveals data on China's exports to Georgia
Turkey discloses volume of cargo transshipped through Gulluk port
Fitch issues first-time Long-Term Issuer Default Rating to Georgia's Telasi
Turkmenistan starts processing silkworm cocoons of new harvest in Lebap region
Azerbaijani FM exchanges views with colleagues from Austria, Lithuania, Romania in Baku
Volume of grains and legumes imported by Turkmenistan from Turkey disclosed
Turkmenistan’s new airport receives int'l certificate of compliance
Hydrogen compressor market to see growth, as demand for energy & power rising
Azerbaijani president received FMs of Romania, Austria, Lithuania, EU delegation (PHOTO/VIDEO)
14 Armenian terrorists facing 14 years to life in prison in Azerbaijan (PHOTO)
Russia reports 20,393 daily COVID-19 cases
Ministry discloses volume of chemicals transshipped through Turkish ports
Azerbaijan unveils 5M2021 volume of oil production from ACG, Shah Deniz fields
Volume of Azerbaijani oil export to Turkey disclosed
Cement product sales at Uzbek commodity exchange increase
Enter Engineering, Russian Uralmash to build processing plant in Uzbekistan
Demand for granular building materials grows in Azerbaijan
License of Capital Bank Kazakhstan revoked
Azerbaijani people to mark Armed Forces Day with joy and pride - Parliament speaker
Germany increases import of Turkish-made chemicals
Uzbek-Korean JV opens tender for spares for oil seals
Russia’s Tatneft in Turkmenistan opens tender for connection of utility room
KAZAKH INVEST to share agri-food investment projects with IFPA
Uzbekistan to increase number of flights on Tashkent–Fergana-Tashkent route
Turkmenistan ready for further close co-op with Japanese enterprises
Azerbaijani unveils 5M2021 data on oil exports to Ukraine
Azerbaijan names judoka who will bear national team's banner at Tokyo 2020 Olympics
Azerbaijan's Parliament adopts new draft law on energy efficiency
Ukraine ready to partake in restoration of Azerbaijan's liberated lands
Lebanon caretaker PM approves financing fuel imports at weaker exchange rate
71.2% of population in Kyrgyzstan has antibodies to COVID-19
Kazakhstan’s freight transportation operator opens tender for filters repair
Date of elections to local self-government bodies in Georgia announced
Salaries of military personnel serving in Azerbaijan's liberated lands raised - presidential order
Azerbaijan shows footage from Shahvelli village of Jabrayil district (VIDEO)
Kazakhstan’s Almaty Power Stations JSC opens tender for buy measuring equipment
Uzbekistan reveals COVID-19 data for June 25
Azerbaijan publishes latest prices for its oil
Cloud data warehouse co Firebolt raises $127m
Kazakhstan increases trade with Sweden amid COVID-19
BlackBerry first-quarter revenue beats expectations, shares rise
Nike forecast for online sales boom, post-lockdown demand drives shares up 13%
WB, IFC working with Azerbaijan in designing well-functioning wholesale, retail electricity market
Covid-19: INS Shardul brings medical oxygen supplies from Gulf to Mumbai port
India again urges OPEC to phase out oil output cuts
India cuts Middle East oil imports as it seeks to diversify energy sources
Karwar Naval Base will become Asia's largest: Defence Minister Rajnath Singh
Global electronics firms Foxconn, Flex, Jabil, Sanmina among 29 register under telecom PLI
Global financial powerhouse: Sitharaman on stability, infra-led development and reforms
Centre plans to face COVID-19 third wave with Rs 20,000-cr cheque
Georgia reports 699 coronavirus cases for June 25
PM Modi calls for innovation in India’s toy sector, asks people to be ‘vocal for local toys’
India attracts USD 6.24 billion FDI inflow, up 38% on year
IFC, WB may potentially co-op with Azerbaijan in implementation of first offshore wind projects
Georgia, Rothschild & Co discuss county's favorable investment environment
SOCAR ready to help Turkey in developing Black Sea reserves
Uzbekistan, Tajikistan to establish joint investment company
Various concentrations of Sputnik V to be selected for all ages of children during trials
UK regulator opens formal probe into Amazon, Google over fake reviews
Another international success of Azercell’s #QadınDediyin project
SOCAR Turkey talks on IPO plans
ICIEC signes MoU with Uzbekistan Investment Promotion Agency
FedEx shares fall as labor woes weigh on 2022 outlook
Russian Azimut cancels flights to Baku
EU and FAO project promotes local food production in Azerbaijan
875 new COVID-19 cases reported in Kyrgyzstan
Iran sees increase in exports
3DM Digital Manufacturing completes TASE IPO
Turkmengas again opens tender for purchase of chemicals
All news