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Azeri insurers put most of their assets in banks as deposit

Azeri insurers put most of their assets in banks as deposit

18 September 2008 16:28 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based insurance companies have put most of their assets in banks as deposit.
According to the data provided by the State Insurance Control Department of the Ministry of Finance, the deposits made by insurers made AZN 88 million or 39.4% of insurance assets.
The total assets owned by insurers made AZN 223.2 million, up 42.2% from early this year.
Insurers prefer bank deposits which are the most liquid assets.
By world practice, bank deposits donâ€™t exceed 10% of insurance assets.
Also, insurers prefer short-term investments which are not so profitable.
However, long-term investments by insurers increased by 5.2 times, buying long-term securities increased by 9 times, short-term investments by 2.1 times and buying short-term securities by 4.8 times from early the year.

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