Azerbaijani Insurers in Georgia Continue Work in Spite of Tension

Business Materials 19 August 2008 17:19 (UTC +04:00)

Azerbaijan, Baku, 19 August/ Trend , corr U. Ismayilova/ The insurance market of Azerbaijan holds fourth place for its volume only after Russia, Ukraine and Kazakhstan. Thanks to the rapid growth within the country, several companies could enter foreign insurance markets. Two Azerbaijani insurance companies, International Insurance Company and Standard Insurance have branches in Georgia where a conflict broke out with South Ossetia recently.

The situation in the insurance markets did not affect activities of the branches of the Azerbaijani insurance companies, sources in the insurance companies said to Trend .

The branch of the International Insurance Company (IIC) in Tbilisi continues its operations and it is not going to stop its activities, Elnur Sadigov, specialist of the Marketing Department said.

"Georgian branch continues its work in spite of the slow-down in the business activities," Sadigov said.

Standard Insurance does not plan to change its plans to open branch in Georgia, Aydin Rahmanov, deputy head of Board of Directors of the company said. The repairs in the Georgia branch of Standard Insurance are continuing. "The office is expected to be opened in October," Rahmanov said.

At the night of 8 August, large-scale military operations were launched in the self-declared South Ossetia republic. The Georgian troops entered Tskhinvali. Later the Russian troops entered the city and drove the Georgian forces back to the Georgian territory.

On 12 August, Russian President Dmitry Medvedev announced that he has decided to end operations to compel Georgia to peace. There is still unstable situation in Georgia.

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