Azerbaijan’s insurance market expected to double during next 2 years

Azerbaijan’s insurance market expected to double during next 2 years
# 26 April 2011 08:30 (UTC +04:00)
Baku. Elnur HUseynguluyev – APA-Economics. AZN 180 mln insurance premium is expected to be collected in Azerbaijan’s insurance market during the first quarter, Executive Director of Azerbaijan Insurers Association Azer Aliyev told APA.

According to him, if the draft law on “compulsory insurance” is affirmed, the potential of market may be increased by AZN 50-60 mln: “This draft law is considered as important social protection instrument for the population. Because these compulsory insurances purpose to compensate for the damages of properties of legal and individual persons”.

He noted that, total premiums were forecasted to be reached AZN 300 mln in 2012, up 2 times from 2010.

Remind that, AIA has been in operation since 2006.
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