Azerbaijan's only reinsurance company enters markets of Eastern Europe
Azerbaijan, Baku, March 17 / Trend U.Ismayilova /
The share of risks that Azerbaijan's only reinsurance company AzRe Tekrarsigorta receives on the reinsurance is not very large, CEO Vusal Abbasov said. The figure is only one million manat today.
"But the trend shows that the percentage of abroad reinsurance is increased," Abbasov said.
The strategic goal of the company is to gradually increase the reinsurance of risks outside Azerbaijan, Abbasov said. But this is not an easy process, in connection with which the company intends to appeal to the international credit rating agencies for rating that would be indication of the company and improve access to other markets. The company has already held initial talks with three world leading rating agencies.
"We intend to ensure maximum geographical differentiation of our risks," Abbasov said.
He said today, AzRe Tekrarsigorta reinsures risks from Russia and other CIS countries, Middle East, including Dubai, Oman, As well as India.
The company is working to get the risks at least in Eastern Europe at this stage. To date, there are certain requests, but the company adheres to a cautious policy with those countries, Abbasov said.