Largest Foreign Insurance Companies Will Participate in Life Insurance in Azerbaijan
Azerbaijan, Baku, 4 June / Trend corr. U.Ismayilova / The largest foreign insurance companies demonstrate interest in the Life insurance in Azerbaijan, Nofal Rzayev, Director General of Pasa Sigorta, Azerbaijani leading insurance company, stated on 4 June.
"The French SCOR life, American AIG- life and German Allianz Life companies have demonstrated interest in this sphere in Azerbaijan," Rzayev said.
The new Bill came into force on 15 March. The Bill defines main directions and principles of development of insurance system, specialized participants of the market, insurers and re-insurers, as well as defines the economic grounds and right of state insurance regulator and supervisor.
According to Rzayev, the aforesaid companies are to participate in the life insurance market of Azerbaijan as re-insurance companies with largest risks. At present, 28 insurance and one re-insurance company has been operating in Azerbaijan.
The life insurance is not the most popular type of insurance in Azerbaijan and several companies are engaged in this sphere. CASCO and OSAGO are the most widely distributed type of insurance in the country.
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