Abstract
This article will be examine the short relationships between economic growth and insurance sector development in the Azerbaijan economy. The fixed-effect model was adopted and relevant data within the period of 2008 and 2012 were collated and analysed with the use of ordinary least squares (OLS). Gross domestic product (GDP) was adopted as a proxy for the level of economic growth, while numbers of insurance companies (NIC_A), premium of life-insurance (LIP), premium of non-life insurance (NLIP), and inflation rate (INF) were used in measuring insurance sector growth. The insurance companies should also engage in insurance business that is environment and customer friendly, as well as, formulating insurance policies that can accommodate every sector and segment of the economy.
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