ANALYSIS OF THE DEVELOPMENT OF THE INSURANCE INDUSTRY IN AZERBAIJAN COMMONWEALTH

Abstract

Today insurance is connected with all types of trade, industry and an important part of the social structure. Insurance, combined with security qualifications, is also an element of trust. In addition, the Creator of funds for economic activities, capital accumulation has become a criterion for ensuring and improving well-being. For this reason, insurance is one of the most important activities faced by developed countries. In other words, there is a strong correlation between insurance activities and economic activities. Social benefits, as well as economic benefits and pension funds, are important in this industry. the share of the insurance sector in GDP is higher than in the developed countries of other countries. The level of development of the country is the greatness of the insurance industry. In this article theoretical bases of insurance, types of insurance in the Azerbaijan Republic are examined, the comparative Analysis of the insurance market of Azerbaijan is made. The article reveals that the insurance market of Azerbaijan is located in the state of development. As in present law, normative legal base regulating this sphere of activity. For this reason, there is a need to analyze the insurance industry as a separate industry.