OREANDA-NEWS. January 28, 2011.  Azerbaijani insurers, in general, are united in positive assessments of market prospects in 2011.

Yesterday, Vagif Hasanov, chairman of domestic insurance company Qarant Sigorta, claimed that this year they can expect growth of overall insurance premiums by 30%.

"This result will be a consequence of intensifying competition and renewal of the insurance legislation. On the one hand, the existing insurers will recover after difficult period of 2009-2010 and on the other hand, there appeared world’s leading insurance companies in the country, which, as I expect, will encourage the revitalization of the market. All this will increase competition. The expected change in management of compulsory insurance and the introduction of new types will expand the market base that will affect the market turnover,” he said.

In 2010, the country’s total premium, according to preliminary estimates, almost reached 156 million manat. Previously, Alfa Sigorta’s CEO Khayal Mammadkhanli estimated the prospects of market growth at the level of 25-30%.