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XPRIMM News NEWS ALERT, June 19th, 2014
June 19th, 2014

img_lead_5216AIIF 2014 started today in Baku, Azerbaijan
by, 2014-06-19
Today starts in Baku, the modern capital city of Azerbaijan, the fifth edition of the Azerbaijan International Insurance Forum - AIIF 2014, the most important event in the Caucasus Region, dedicated to the insurance and reinsurance markets.
"Considering the fact that more than 220 participants from over 30 countries are represented at the event, we can imagine how suitable it is for creating sustainable business," Orkhan BAYRAMOV, Chairman AIA - Azerbaijan Insurers Association stated for XPRIMM.

img_lead_5218Azerbaijan - atypical reaction to the crisis: +137% for the insurance industry between 2008 and 2013
by, 2014-06-19
The Azeri insurance market totaled, at the end of 2013, about EUR 376 million in premiums, according to XPRIMM INSURANCE Profile Azerbaijan.
The figure is about 14% higher y-o-y and, compared with 2008, the local insurance market reported a +137% growth.

img_lead_5219AZ Re: The large infrastructure projects are beneficial for the local insurance industry
by, 2014-06-19
"The insurance market in Azerbaijan demonstrates stable growth, which is ensured by the effective policy of the state insurance supervisor and the timely introduction of legislative acts," considers Fuad KULIYEV, Chairman of the Management Board, AZ Re.
"Insurance companies in Azerbaijan have recently increased their capitalization in response to the new requirements, which also influences the market favorably. Along with that, the general economical development stimulates the growth of the insurance markets."
namik_khalilov1_80Namik KHALILOV
Head of State Insurance Supervision Service
Ministry of Finance

There is a fresh trend in the market, with voluntary insurance becoming the main growth driver. Thus we expect a 10 - 15% increase of the market this year, with a high dynamic on the life insurance segment for which the market trends indicate high rates of public interest.

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