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Azerbaijan developing roadmap for insurance market development

Finance Materials 12 December 2018 13:36 (UTC +04:00)

Baku, Azerbaijan, Dec. 12

By Taleh Mursagulov – Trend:

A roadmap for the development of the insurance market is being developed in Azerbaijan, chairman of the board of the Association of Insurers of Azerbaijan Mustafa Abbasbeyli told Trend on Dec. 12.

“The Association intends to send an action plan to develop all types of insurance in Azerbaijan to the Financial Market Supervision Authority (FIMSA),” he added.

"This will be a voluminous document, where we will make our proposals that will increase the Azerbaijani insurance market," Abbasbeyli added.

In January-October 2018, Azerbaijani insurance companies collected premiums worth 617.2 million manats, which is 33.4 percent more than in the same period of 2017.

The payments of the insurance company amounted to 205.9 million manats in January-October 2018, which is 0.6 percent more than in the same period of 2017.

According to the FIMSA report, 73 percent (450.8 million manats) of all fees in the market accounted for voluntary insurance, 27 percent (166.4 million manats) accounted for compulsory insurance.

Twenty-one insurance companies operate in Azerbaijan.

(1.7 manats = $1 on Dec. 12)

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Follow the author on Twitter: @TalehMursagulov

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