S&P: Situation in banking sector affects insurance sector

Baku. 20 June. REPORT.AZ/ "The rating of Azerbaijan has improved compared to last year and changed from Negative to "Fixed ".

Report informs, Associate Director of Standard & Poor's international rating agency, Ekaterina Tolstova said this at the international insurance conference held in Baku.

She also added that Azerbaijani assets under the control of the State Oil Fund (SOFAZ) is its main advantage.

Touching upon the situation in the local insurance market, S&P official said that most of holders of Azerbaijan's insurance companies are banks. The problems faced by them as a result of devaluation, have affected the insurance sector: "Insurance revenues in Azerbaijan in 2013-2017 decreased by 38% in terms of US dollars, while increased by 37% in terms of Azerbaijani AZN. Which, of course, depends on the position of the national currency".