Azerbaijani largest insurance company plans to open branches

Business Materials 19 July 2011 14:00 (UTC +04:00)

Azerbaijan, Baku, July 19 / Trend A. Akhundov /

The Azerbaijani Insurance Company Pasa Sıgorta plans to open branches throughout the country, the company's board chairman Nofel Rzayev said.

"After a new five-year strategy of the company approved in November, we will gradually begin to open branches throughout the country", Rzayev said. "First, regional subcenters will be created."

Rzayev said that the company has service centers. It delivers the policies to its clients as all policies are issued centrally.

"Today we do not have any offices", Rzayev said. "We do not plan to open them by late 2011."

Rzayev said that some companies establish insurance policy centers in the region which do not comply with the legislation.

"According to the legislation, if an insurance policy is issued, then there must be a branch", Rzayev said. "There is no other status. According to legislation in Azerbaijan, an insurance company, a branch of an insurance company, and a representative office maintain a presence."

Pasa Sıgorta, a member of Pasa Holding, was registered on March 3, 2006. It provides services to corporate and individual clients on 30 types of insurance. The authorized capital amounts to 30 million manat. Pasa Sıgorta is a leader in terms of the capitalization volume in country's insurance market.