Azerbaijani Insurance Market Attract Investments - Expert

Business Materials 7 May 2008 11:08 (UTC +04:00)

Azerbaijan, Baku, 7 may / Trend corr. U.Ismayilova / Shukur Huseynov, Deputy Chairman of Azergrant insurance company, stated that the Azerbaijani insurance market due to its dynamic growth attracts foreign companies.

According to Huseynov, the new Bill on 'Insurance activity', which came to force on 15 March, as well as cancellation of 49% limit for foreign companies participation has made the Azerbaijani investment market attractive for the foreign investors.

A representative of the largest Russian insurance company ROSNO was opened in Baku in April.

The representatives of other largest Russian companies like MALAKUT and INGOSTRAX have been operating in Azerbaijan.

"Foreign companies consider the Azerbaijani market attractive and are investing to expand their business in the country," Huseynov stated.

Twenty-eight insurance and one re-insurance company, with the minimum authorized capital AZN 1mln, have been operating in Azerbaijan.

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