Azerbaijani company reveals insurance market forecast for 2019

Finance Materials 14 November 2018 11:12 (UTC +04:00)

Baku, Azerbaijan, Nov. 14

By Taleh Mursagulov - Trend:

Azerbaijan’s insurance market will continue to develop in 2019, First Deputy Chairman of the Board of Azerbaijan’s company AtaInsurance Orkhan Mammadov told Trend.

“The insurance market of Azerbaijan is expanding every year,” he said. “We believe that the real estate insurance market will be developing in 2019. In addition, we expect that the agricultural insurance market will be developing. In this direction, a lot of work is being done by the Azerbaijani government, the Financial Market Supervisory Authority (FIMSA), and we will see the results next year. In particular, we have great expectations regarding these two areas.”

Mammadov didn't go into details about the reduction of premiums for some types of insurance and noted that there is no danger of reduction in the insurance market.

“Perhaps next year, bank lending will become more active,” he said. “As a result, the purchase and sale of vehicles may increase, and against this background, it is also possible to predict an increase in third party liability insurance of motor vehicles.”

AtaInsurance has been operating in Azerbaijan since 2004.


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