Bank Of Baku

Serious growth observed in Azerbaijan’s voluntary life insurance

Serious growth observed in Azerbaijan’s voluntary life insurance
# 27 May 2011 12:08 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based insurers’ performances in voluntary life insurance is lower than other countries, said the head of State Insurance Supervision Service Namig Khalilov.

According to him, the market share of voluntary life insurance in foreign countries which insurance market developed, makes 55-60%: “It’s true, this performance is very low in Azerbaijan, at present. But, if we take the growth rate into consideration, sufficient growth was observed in this sphere. So that, the growth made 60% in 2010, compared to 2009 and this will continue”.

He noted that, according to international practice, increase of population’s average monthly salary was important for improvement of this sphere.
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