Bank Of Baku

Insurance premiums-GDP ratio plunges to a three-year low in Azerbaijan

Insurance premiums-GDP ratio plunges to a three-year low in Azerbaijan
# 21 October 2008 13:40 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. The insurance premiums-GDP ratio reached 0.49% in Azerbaijan for January-September.
According to the Ministry of Finance, Azerbaijan-based insurers earned in total AZN 148.7 million in premiums during January-September 2008, up 45% on a year earlier.
GDP grew to AZN 30.370 million during this period.
The importance of the insurance industry measured by the ratio premiums/GDP reached a three-year low.
This ratio is over 10 percent for the UK and around 6 percent for France.
The ratio measuring below 1% is not a sign of development insurance market.
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