According to the head of the Association of Insurers of Azerbaijan (AIA) Orkhan Bayramov, the absolute figures of the local insurance market at the end of this year are likely to grow by 10 to 20%.
"In the first half, despite the February devaluation of the manat, an increase was recorded at 14.3%. The real picture of the market will be seen in the third quarter, as in the second quarter the market adapted to the new conditions, he told Turan yesterday.
In the case of growth of the indicators the premium per capita would reach 50 manat, while the figure is about 46 manat now. In this scenario, the total market will be about 500 million manat (last year the premium in the market amounted to about 430 million AZN).
According to the State Insurance Supervision Service, in the first half of 2015 the total premiums were at the level of 242.4 million manat (+ 14.3% to July 1 of the previous year). --17D-
Economics
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