S&P’s: Insurance companies of Azerbaijan depend on banks


June 20, Fineko/abc.az. International rating agency Standard & Poor's assessed the state of the insurance sector of Azerbaijan.

S&P’s associate director Yekaterina Tolstova has stated at the 6th Insurance Conference in Baku that the majority of insurance companies in Azerbaijan belong to banks.

"Banks’ problems relating to the devaluation affected the insurance sector. In 2013-17 Azerbaijan's insurance revenues in dollar equivalent decreased by 37% and in manats increased by 37%, and this is due to the position of the national currency," Tolstova emphasized.