Azerbaijan introduces universal home insurance

Business Materials 19 July 2011 15:00 (UTC +04:00)

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

The Azerbaijani Pasa Sıgorta insurance company will operate on a new five-year strategy from 2012.

The main aim is to introduce universal home insurance, Chairman Nofel Rzayev said.

"The company planned to operate on the basis of three-year business plans," Rzayev said. "At present, we prepare a strategy. We will communicate directly with the consultants from August 15."

Rzayev said Pasa Sıgorta is building a business model for the German Allianz insurance company.

"There is a market segmentation in Azerbaijan now," Rzayev said.

"There are companies that specialize in compulsory insurance, in retail, and so on. These companies were not around three years ago.

Our business model today is Allianz's universal insurance model."

Rzayev said the company needs a strategy.

"Now we need a strategy that will cover the strategic way," Rzayev said. "A decision has been already made. It will be the introduction of a strategy of a universal insurance home in all directions."