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Azerbaijani insurance company signs contract with Groupama on risk reinsurance in agriculture

Business Materials 23 June 2011 11:06 (UTC +04:00)
The Azerbaijani insurance company Basak-İnam Sıgorta Sirketi has defined the agricultural sector as its priority and signed a contract with the French insurance company Groupama on agricultural reinsurance.
Azerbaijani insurance company signs contract with Groupama on risk reinsurance in agriculture

Azerbaijan, Baku, June 23/ Tren, A. Akhundov /

The Azerbaijani insurance company Basak-İnam Sıgorta Sirketi has defined the agricultural sector as its priority and signed a contract with the French insurance company Groupama on agricultural reinsurance.

Groupama is a world leader in agricultural insurance, Basak-İnam Sıgorta Sirketi said in its statement on Wednesday.

"This is the biggest support in the field of agricultural insurance that the Azerbaijani insurance company has ever received," the statement says.

With this support, the company aims for large-scale involvement in agricultural insurance.
"Due to the fact that agricultural insurance is one of the most risky types, it is impossible to enter this sector without global reinsurance support", the statement says.

The Azerbaijani insurance company Basak Inam has been operating in the market since 1996.

The Turkish company Groupama-Groupama Sigorta A.S., a daughter company to the largest insurance company in France and Europe and operational in 15 countries, owns 49 percent of company shares. The remaining 51 percent belongs to Azerbaijani shareholders, including TuranBank, AzerTurkBank, Aqrarkredit and other financial groups. The company renders 31 types of insurance services.

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