Azerbaijan, Baku/ Trend , corr. U. Ismayilova/ Eldar Abdullayev, the head of the Group of Automobile Insurance of the Russian Insurance "SK "VITAL-Polis" LLC, has said that Azerbaijan's insurance market needs to develop its retail services which is in need of investments.
According to him, due to the rapid development of the oil and gas sector, the most part of premiums collected by Azerbaijani insurers is received from large-scale corporations and enterprises on industrial, building and assembly risks and insuring their responsibility. "It goes without saying that this is a positive factor, but we need to develop the private sector as well," he said.
According to Abdullayev, Azerbaijan's insurance market is currently developing very dynamically.
"I think that the growth rate of insurance in Azerbaijan, as well as its economy, is much higher than in other FSU countries," he said. Abdullayev has five years experience having been engaged in insurance of property and cargo, as well as other types of insurance.
According to the Finance Ministry of Azerbaijan, the insurance premiums of the insurance companies operating in the country in 2005 were AZN 82.56 mln., AZN 88.33 mln. in 2006 and AZN 36.79 mln. for the first quarter of 2007.