Azerbaijan, Baku / Trend corr U. Ismayilova / It is too early for Azerbaijani insurance companies to receive international financial strength ratings, the chair of MBASK, a largest insurance company in Azerbaijan, Jamil Malikov said on 22 November.
"Taking into account the fact that the highest bank rating in Azerbaijan is BB+ [Fitch], insurance companies should not expect a prestigious rating," Malikov said.
There are 43 bank organizations operating in Azerbaijan, and only 7 of them received international rating. Only one insurance company of 29 operating in Azerbaijan received a B1 rating - Standard Insurance.
According to Malikov, in order to receive an international financial strength rating an insurance company should have at least five annual international audit reports, which can hardly be said about the insurance companies in Azerbaijan.
"I hope in several years, when most of insurance companies have 5-year international audition experience and the ratings of bank organizations reach a higher level, insurance companies will be able to claim for prestigious international ratings," Malikov said.
The authorized capital of MBASK makes up AZN 2mln.