OREANDA-NEWS. July 23, 2009. Azerbaijani insurers start thinking again about creation of conditions for development of life insurance in the country.

Khayal Mammadkhanli, deputy general director of Azerbaijan’s insurance company AzSigorta, says that the Company submitted its proposals for life insurance promotion to the Association of Insurance Companies of Azerbaijan.

“First of all, stimulating steps should include tax subsidies. Azerbaijan has good potential to foster life insurance but precisely the Association should lobby these proposals. As a whole, we expect advances in this direction by 2010. In its hand, AzSigorta plans to conduct certain marketing surveys next year for the purpose to define its activity strategy in this segment of the market,” he said.

In the 1st half of 2009 country’s life insurance premiums totaled AZN 397,990 and compensation payments AZN 261,770, while overall insurance premiums reached AZN 79.89 million and overall insurance compensations AZN 24.648 million.