Azerbaijan, Baku, Nov. 3 / Trend A. Akhundov /
The entrance of the large French insurance company, AXA Group, onto the Azerbaijani market will not have any negative impacts, Azerbaijani Insurance Association Supervisory Board Chairman and Atesgah Sigorta insurance company Chairman Azer Aliyev told Trend today.
"It is hard to say anything about its impact on the market," he said. "But in any case, it will not have a negative impact. Any foreign company joining is positive news. We have much to learn."
He added that AXA will not monopolize the market.
The AXA Group bought shares in the European Bank for Reconstruction and Development (EBRD) through Azerbaijani MBASK capital. The AXA Group's subsidiary, AXA Seguros Generales, acquired a controlling stake by purchasing the bank's shares in MBASK's capital.
AXA provides life and health insurance services, international insurance and reinsurance, as well as financial management. The company was founded in 1816 in Paris. AXA employs 216,095 employees and has 96 million customers worldwide.
According to Fortune magazine, AXA is the ninth largest company in the world.
There are 27 insurance companies and one reinsurance company in Azerbaijan. There are five insurance companies with foreign capital.