Azerbaijan, Baku, Oct. 6 / Trend A. Akhundov /
The European Bank for Reconstruction and Development (EBRD) continues showing interest in investing in the Azerbaijani insurance sector, head of the EBRD office in Baku Neal McCain told media on Friday.
"We are discussing the issues with various potential customers," he said. "Rapid growth of this sector in Azerbaijan makes it very interesting. The development of the industry is a good boost for developing the private sector and strengthening its stability."
He said that the direction of insurance has not been determined yet.
"Perhaps, general insurance will be supported," McCain said.
The bank plans to determine the specific actions in this area next year, he said.
There are 28 insurance and one reinsurance companies in Azerbaijan. Until last year, EBRD operated in the country's insurance market, namely it owned a stake of 30 percent in the Azerbaijani large insurance company MBASK. However, in October last year, the bank sold its package to AXA Group's subsidiary - Spanish AXA Seguros Generales.
The total volume of premiums of all companies acting in the country amounted to 228.87 million manats according to the totals of first eight months of 2012, an increase of 70.24 per cent within a year, whilst the fees during the same period amounted to 58.87 million manat, an increase of 62.1 per cent.
The report of the Ministry of Finance didn't mention the activity totals of the only reinsurance company in the country, AzRE.
The official exchange rate as of Oct. 6 is 0,7853 AZN/USD.