The market in the Eurasian country is expected to grow by 15 to 20 percent in 2013.
According to a statement that was issued by Namiq Khalilov, the head of the State Service for Insurance Control of the Azerbaijan Finance Ministry, the insurance industry in the country is expected to experience considerable growth again this year.
He explained that it should grow by another 15 to 20 percent in 2013 alone.
Khalilov feels that the insurance industry in Azerbaijan will continue this growth, regardless of the fact that it already saw a record increase of 60.8 percent last year. In his statement, he explained that he feels that there is still a considerable amount of unused potential in the country’s market.
The sector in which there is expected to be the largest amount of growth in the insurance industry is auto.
Within Khalilov’s statement, he reported that “We expect the market growth including on such a segment as mandatory insurance of civil responsibility of car owners because the number of cars is continuously growing which will also influence the insurance market.” He went on to say that “Definite prospects also exist on the insurance of property, as well as on goodwill life insurance. We expect the market to expand and deepen this year.”
_________________________Random Quotes to Remember ~ "Positive thinking will let you do everything better than negative thinking will." by Zig Ziglar
Though the largest growth is expected to occur in the auto sector of the insurance industry in Azerbaijan, there will be a number of different areas in which increases should be occurring. Property and life coverage are both expected to experience meaningful gains before the end of 2013.
In the country last year, the 2012 premiums collected in the insurance industry totaled approximately AZN 342,519,300 (around just over $437,503,000). The payments made on claims were around AZN 93,860,800 ($119,889,332). There was a growth in premiums volume last year by 60.8 percent, and a growth in payments made on claims by 52.5 percent. This represents an increase in the country’s market that has never before been experienced throughout its history.
At the same time, there is still a considerable amount of room left to grow in Azerbaijan’s insurance industry, and it is expected to continue – though not at the same skyrocketing pace – throughout this year.