Azerbaijan Insurance Association: Insurance market forecasted to grow by 40% by year-end

Baku. 28 September. REPORT.AZ/ The insurance market is forecasted to enhance by 40% at the end of this year, said the Chairman of Azerbaijan Insurance Association Mustafa Abbasbayli, Report informs.

"Stability is observed in some insurance types. However, we are trying to make the market many-branched. It’s targeted to increase the compulsory insurance against occupational and professional disability resulting from industrial accidents and occupational diseases. Premiums on this type may be increased to AZN 100 mln from AZN 40 mln. It means a 150% growth on one insurance type, 10% on total insurance market. At the same time, negotiations are underway for increase of insurance types such as agriculture and etc," he said.