Azerbaijan, Baku, 4 April /corr. Trend U.Ismaylova / The insurance market of Azerbaijan is interesting for the Russian insurance companies, said the expert of Department of ratings of the financial institutions of Russian rating agency 'Expert PA', Alexander Maloletnev, on 4 April.
"However, the insurance market of Azerbaijan is very small for mass expansion of the Russian insurers in Azerbaijan's insurance market," he said.
The new Law on Insurance, which came into force in Azerbaijan on 15 March, liquidated 49% limit for the participation of the foreign investors in companies' capital.
"The information on financial sustainability of the potential facilities is limited for the Russians," Maloletnev said.
The expert considers that the increasing information transparency of Azerbaijani insurers may be achieved by obtaining ratings of reliability of the independent international rating agencies.
Some 28 insurance and one re-insurance companies function in Azerbaijan. The gross amount of the collections by the companies as a result of 2007 totaled AZN 147.2mln under payments of AZN 35.62mln. The top ten of the insurance companies as a result of 2007 includes the companies with the premiums from AZN 5mln to AZN 20mln.
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