The State Supervision Insurance Service under the Azerbaijani Finance Ministry expects the insurance market to increase up to 20% in 2013, head of the State Service Namiq Khalilov told Trend on Wednesday.
"In 2013, we do not expect growth as significant as that of 2012," he said. "We do not see such strong drivers of growth in 2013 such as last year's introduction of compulsory insurance. We expect premium growth by 15-20% brought on by the intensification and expansion of the scope of the market."
The total premiums of all companies operating in the country hit 342.52 million manat as of 2012 (annual growth of 60.8%), and payments at the amount of 93.86 million manat (an increase of 52.45%) during this period.
The official exchange rate is 0.7845 AZN/USD.