Insurers in Azerbaijan Expect Boost in Market after Adoption of New Law
Azerbaijan, Baku / corr. Trend U.Ismaylova / An insurance expert, Deputy Director General of Pasha Sigorta, Nofel Rzayev, said that by adopting a new law on insurance will boost the development of this market in accordance to western standards.
According to him, after the adoption of the law, severer conditions will exist in the market. "Companies that are not able to conform to provisions of the law will stay away from the market. As a result, the market will be formed by companies that may make professional business," he said.
Speaking of the development of the insurance market, Rzayev said that presently the insurance in Azerbaijan remembers the models of 1990 when the population did not trust the banks. "I think that after the application of world standards, the insurance market will go ahead of banks in the development rate," he said.