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Market participant: Competition sharply increases in Azerbaijani insurance market

Business Materials 13 May 2011 16:59

Azerbaijan, Baku, May 13 /Trend, A.Akhundov/

The insurance companies in Azerbaijan are currently in the stage to promote their professionalism and competitiveness, the chairman of the Qarant Sığorta Insurance Company Vagif Hasanov said in an interview with Trend.

"If last year, we felt absolutely free when participating in any tender, in the sense that we knew that there was not strong competition there, but now there is a completely different situation. It was not necessary that these companies were included in the TOP-10 or TOP- 15.

Companies that are in the rankings below 20th are also being felt, "-" Hasanov said.
"In general, the market is free. It is easy to operate and feel comfortable if the market will be ready for the fact that insurance is an integral part of everyone's life. Unfortunately, this understanding still does not exist," Hasanov said.

According to him, if to compare the insurance market of Azerbaijan with the Western markets, they do not offer something different from the Azerbaijani companies.

"Their clients are already "ripe", we also still need to bring clients to the understanding that they would buy an insurance policy. And the problem here is that people just do not know about the insurance market, have no idea about insurance," Hasanov said.

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