Azerbaijan plans to rank third in the volume of the insurance market among the CIS countries in 2018, Azerbaijani Finance Minister Samir Sharifov said on Dec.23 in Baku speaking at the conference titled 'Azerbaijan 2013-2018. Towards new targets' organised by the ruling New Azerbaijan Party.
"Today the insurance market is one of the most dynamically developing spheres of Azerbaijan's economy and a lot of attention is paid on the development of this sector. Our aim is to turn insurance into an additional tool that will improve the social support to the country's population and help them prevent material losses," the minister said.
The total volume of premiums of all insurance companies operating in the country amounted to $368.88 million in Jan.-Nov. 2013 which is an increase of 17.86 per cent and the payments totalled 110.48 million manat, an increase of 33.85 per cent during the reporting period.
Some 28 insurance companies and one re-insurance company operate in Azerbaijan.
The official exchange rate on Dec.23 is 0.7845 AZN/USD.