New insurance company prepares for regional expansion in Azerbaijan

Business Materials 5 January 2012 15:23 (UTC +04:00)

Azerbaijan, Baku, Jan. 5 / Trend A.Ahundov /

A new player in the Azerbaijan insurance market, the Royal Sığorta Company, plans to create and actively expand its branch network in the country's regions, Nusret Babayev, chairman of the company's board, told Trend on Thursday.

"We plan to open at least 10 branches in 2012 in all the country's regions," Mr Babayev said.

He said the company which was registered in October 2011 with five directors, will work on all types of insurance not relating to the life insurance.

"We will work on 32 types of insurance and try to develop them simultaneously," Mr Babayev said.

The State Insurance Supervision Service under the Azerbaijani Finance Ministry issued a five-year insurance licence to the Royal Sığorta Company on Dec.28, 2011.