OREANDA-NEWS. December 19, 2008. Rate of growth of the domestic insurance sector can decrease substantially next year.

Jamil Melikov, the chairman of the Supervisory Board of the Association of Insurance Companies of Azerbaijan, says that reduction in quantitative concept at the insurance market in 2009 is not expected.

“But market growth rate can decline. For example, if this year growth rate of the country’s insurance sector totals 40-45%, next year it is expected to be 15-20%. Overall premiums of insurers will not exceed AZN 240 million,” Melikov said.

Besides, it was pointed out that insurance market tendency shows growth of premiums.

Overall premiums of the domestic insurance market for Jan-Sept 2008 totaled AZN 146 million versus AZN 96.87 million for the first half and AZN 50.8 million following first quarter of 2008. In 2007 country’s insurance premiums reached AZN 147.2 million.