TODAY.AZ / Business

In 2005 turnover of insurance in Azerbaijan might reach $100m

01 July 2005 [09:25] - TODAY.AZ
In 2005 premium of Azerbaijani insurance companies might reach $100m against $67m fixed in $67m in 2004, Khayal Mammadkhanly, the head of the financial sector of the Association of Turkish Industrials and Businessmen (ATIB), President of the Union of Azerbaijani Insurers, said in a presentation of the insurance market of the country held at the ATIB.
"Minimal rise of revenues of the insurance companies will comprise 20-30% in 2005. Still the non-standard situation is preserved in the market when the life insurance brings 10% revenues and others - 90%," he underlined.

According to Mammadkhanly, at present the elements of the Soviet insurance system and advanced European insurance system are present in the Azerbaijani insurance market.

"Nevertheless, the market develops and is one of the most potential ones in the region. The International Insurance Company, holding the biggest capitalization, accounts on 30%-40%-rise and revenues worth $30m," Mammadkhanly noted.

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