New Law on Insurance not Be Adopted in Azerbaijan This Year: Head of Parliamentary Commission (video)

Business Materials 17 July 2007 15:12 (UTC +04:00)

Azerbaijan, Baku / corr Trend U.Ismayilova / Ziyad Samedzade, the chairman of the parliamentary commission on economic issues, said on 17 July that the new law on insurance will not be adopted at the autumn session of the Azerbaijani Parliament as previously planned.

"Though the activities of insurance companies have increased and they take an active part in investment projects, I am still not satisfied with its level. The dynamic in the development of the insurance market is still behind the dynamic in the development of the national economy," he noted.

There are 29 insurance companies in Azerbaijan. The most popular type of insurance is non-life insurance, which comprised AZN 32.72mln in the first quarter of 2007 with payments of AZN 24.73mln. The highest amount of premium of non-life insurance fell on the insurance of automobile transport, which constituted almost AZN 6.5mln.

The obligatory insurance, which comprises AZN 3.9mln with payment in the amount of AZN 616,000 took second place in the popularity rating amongst insurance products. Over the first quarter the largest obligatory premium payments fell on obligatory military insurance, which constituted AZN 2.7mln with payments in the amount of AZN 297,000.