Azerbaijan should apply Turkish insurance models

Business Materials 6 June 2011 18:32 (UTC +04:00)

Azerbaijan, Baku, June 6 / Trend A.Akhundov /

A careful study and selective application of insurance models used in Turkey would be appropriate for Azerbaijan, Azerbaijani insurance company Pasha Sıgorta Chairman Nofel Rzayev said.

Rzayev participated in an international insurance conference held in Istanbul on May 25-27.

"Today, 70 percent of the capital of the Turkish insurance market and 65 percent of the insured turnover of the Turkish market is owned by leading international financial-insurance institutions," Rzayev said.

However, he said, the Western insurers arrived in Turkey, not only with capital, but also with insurance know-how and technology.

"Because, it would be quite useful for us to carefully study market-tested insurance models and products and selectively implement in our market. On the other hand, the leading Western insurers represented in the Turkish market are now willing to seriously consider the possibility of taking risks for reinsurance from leading insurance companies of Azerbaijan, Turkmenistan and Kazakhstan," Rzayev said.

The world's largest insurance company AXA Group, which plays a key role in the Turkish insurance market, entered the Azerbaijani market in 2010.