Baku, Azerbaijan, June 23
By Zulfiyya Gurbanova - Trend:
Russian "SCOR Reinsurance" Ltd is interested in cooperation with Azerbaijani life-companies, the company`s managing director of life reinsurance, Natalia Tarasova told Trend.
"We are looking with great interest to the Azerbaijani life insurance market, which is very different from the other CIS markets. It is certainly a very promising and advanced market. Furthermore, another attractive destination for us is health insurance," she said.
The representative of the Russian company regretted the fact that "SCOR Reinsurance" does not have a partner in the Azerbaijani market yet and noted the belief that this situation will change for the better in the future.
"We have a lot of interesting products and ideas that which we can offer to the Azerbaijani life-companies. We see that besides classical insurance, the coverage of critical illness and medical illnesses is in demand in the market. If to combine and sell them together, it can develop into a serious framework for the support not only for life insurance, but also for health," she said.
"SCOR Reinsurance" Ltd. includes the group of French companies of SCOR, engaged in providing world wide financial services, headquartered in the French capital. The company ranks fifth among the world's largest reinsurance companies.
There are some 28 insurance companies and one reinsurance company operate in Azerbaijan. Life insurance market of Azerbaijan is represented by three companies: "Pasha Hayat Sigorta", "Atahsgah Hayat Sigorta" and "Qala Hayat Sigorta".
Life-insurance market operate since 2011 in the country. Over the past three years, the market grew more than threefold. Some 50 million AZN were collected on all types of life-insurance in January-May 2014, which about 52 percent (17 million AZN) exceeds the same period last year.
Today four companies - "A-Qroup", "Bashak Inam Sigorta Sirketi", "AXA MBASK" and "Buta Sığorta" render health insurance Services. The share of the health insurance account for 42.5 million AZN, or 31 percent of the fees for insurance on the basis of activity in January-May, other than life insurance with payments of 19 million AZN (36.3 percent). The share of life insurance premiums in the total volume of fees of operating insurance companies in the country amounted to 27 percent, according to the State Insurance Supervision Service under the Ministry of Finance.
Payments were made in the amount of 2.9 million AZN, which is approximately 73 percent (1.2 million AZN) more than in the same period last year. The share of these payments in the total payments of the insurance market amounted to 5.3 percent.
In January-May, the share of insurance other than life accounted for137 million AZN (73 percent of total insurance premiums), which is 1.15 million AZN(about one percent) more than the same period last year. Here with the payments amounted to 52.3 million (94.7 percent), which is about 5.1 million AZN (about 13 percent) more than the same period last year.
Official exchange rate on June 21 is 0.7843 AZN / USD.
Edited by CN