Baku, Azerbaijan, Jan.12
By Azad Hasanli - Trend:
In 2015, in Azerbaijan, the greatest demand will account for car and property insurance, the chairman of the board Bashak-İnam Sigorta Shirketi OJSC Orhan Hasanov told Trend Jan.12.
"Car insurance and property, as well as agricultural insurance, if its large-scale application begins this year, will be the most popular types of insurance in 2015," Hasanov told Trend. "Ministry of finance of Azerbaijan jointly with the World Bank and the International Finance Corporation are working to develop an effective model of agricultural insurance. In general, I think that the attention and support for the agricultural insurance sector in the country has increased."
He said that increase in the growth rate of life insurance and compulsory property insurance is also expected in Azerbaijan in 2015.
He went on to add that in 2015, one can expect a 20 percent growth in the insurance market, but at the same time he believes that 2015 will not be easy for the country's insurance market.
"The decline in oil prices will undoubtedly affect the economy of Azerbaijan," he said. "Given the fact that the insurance market is dependent on other areas such as banking and manufacturing sectors, one can expect a certain influence on the insurance market of Azerbaijan as well, in particular on the reduction of fees."
In January-November 2014, charges of insurance companies in Azerbaijan amounted to 382.8 million AZN with payments of 143.5 million AZN.
The official exchange rate for January 12 is 0, 7844 AZN / USD.
For other popular types of insurance, the indexes are as follows: charges on property insurance for the same period amounted to 126 million AZN (32.9 percent of total fees), payments - 36.8 million AZN (25.6 percent), fees for motor insurance - 100.2 million AZN (26.2 percent), payments - 53.6 million AZN (37.4 percent).
There are 27 insurance and 1 reinsurance company in Azerbaijan. By the end of 2014, the growth of the insurance market is expected to reach 6-8 percent.
Bashak-Inam Sigorta Shirketi has been operating in the insurance market of the country since 1996. It renders 31 types of insurance services. By the end of 2014, the company's insurance fees totaled 2.8 million AZN. During the mentioned period, the company has made insurance payments in the amount of 1.2 million AZN.
Some 19.95 percent of its shares are owned by Zamin Bank, 48 percent account for individuals, 17 percent are owned by Groupama Sigorta A.S. (a Turkish subsidiary of one of the largest insurance companies in Europe Groupama), 8.5 percent by Turanbank, 6 percent - AzerTurkBank and less than 1 percent accounts for the non-bank credit organisation Aqrarkredit.
Edited by CN
Follow the author on Twitter: @AzadHasanli
