Deputy Minister of Finance considers that insurance laws should receive favorable amendments
The rise in insurance premiums by more than a third (37%) in 2011 and by 67% in the first half of 2012 was due to the mandatory types of insurance and integrated approach to solving the problems of the local insurance market - Deputy Minister of Finance of AR Azar Bayramov said today at the opening of the Azerbaijan International Insurance Forum (AIIF-2012).
According to him, "the positive trend and the high rate of market development will continue and continue."
To ensure the growth of the local market we need to focus on the traditions of agriculture and the insurance of this kind, for huge risks in the rural areas increase the potential for the development of this sector. If the legislation is made certain adjustments, providing incentives for companies that specialize in insuring plants and animals, the market will be waiting for a breakthrough in this area," he said.
"Azerbaijan should join the Green Card system and work on the development of the life insurance market. Today, construction is also a priority and promising area of ??insurance. So the law is waiting for the amendments in these industries to develop and strengthen them," said Bayramov. - 17D -
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