Azerbaijan ranking fourth for its insurance market among CIS states

The due information was provided by Azerbaijan's Economic Development Minister Heydar Babayev at the first Azerbaijan international insurance forum, arranged by the Azerbaijan Insurers' Association (AIA).

Babayev noted that there are good prospects for development of insurance in our country, but its further development requires creation of competitive conditions on the said market.

He said by results of the first half of this year GDP growth made 15% and industrial growth topped 17%. From the beginning of 2008 the average wage in Azerbaijan has risen by 32.2% and average pension growth by 4%.

Finance Minister Samir Sharifov assessed conduction of the insurance forum in Baku as a proof of our integration with the world insurance markets.

"Conduction of this forum is a remarkable event", said Sharifov.

The forum will last until June 11 and is devoted to tendencies of insurance market development, influence of insurance market experience of European states on the development of insurance sector in the country, development of life insurance, analysis of insurance market of Azerbaijan, as a financial system and corporate governing and insurance.

Over 100 participants from over 15 countries as well as 20 Azerbaijani insurance companies are attending the forum.

/Day.Az/