Today.Az » Business » Azerbaijan's insurance market to grow by 30% annually
25 April 2008 [16:52] - Today.Az
Azerbaijan's insurance market will grow by 30% annually in the near future.
The due opinion was voiced by POCHO's first deputy General Director Dmitri Popov.
He said the insurance market of the country has risen by 60% through the past year, the volume of insurance premiums made up $147,230,000 and payments $35,650,000.
"Azerbaijan experiences dynamic GDP growth in the last few years and the country has reached record indicators. These rates will be preserved in the coming years which stimulates insurance market growth", said Popov.
He called the market diversification, absence of monopolies the positive factor of its development. As for problems, according to Popov they include insufficient capitalization of insurance companies. "The insurance industry can be not ready for the growing economic capacities. For reinsurance companies exist for this purpose", he noted.
He said today 60% of insurance risks in Azerbaijan are reinsured on the European markets, 20% on Russian markets and 20% among local companies.