Azerbaijan, Baku, May 4 / Trend A. Akhundov /
Azerbaijan has created favorable conditions for foreign investors to join the insurance market, a TuralGasimov official said today.
"It was hard to imagine four or five years ago that a large foreign insurance company can join the market and buy anything here," he told Trend. However, in 2010 the French AXA bought a stake in the localMBASK. It was a great event for the market. This means that the market has entered a new phase of development. This fact is known in business circles in Turkey, Eastern Europe and the CIS. This is a positivefactor, as foreign players have already known that Azerbaijan has created favorable conditions for them."
In October last year, MBASK insurance company replaced the principal shareholder. The controlling stake (51 per cent) was acquired by AXA Group (France), through its subsidiary AXA Sequros Generales, SA De Sequros Y Reasequros (Spain). The licence of MBASK was updated as was that of AXA MBASK in connection with the company name change on 7 December 2010.
Gasimov said that the Azerbaijani insurance market has become clearer and more interesting for foreign players.
Great interest in the Azerbaijani insurance market has also been fixed within the annual symposium and forum of reinsurers and brokers, which ended in the German Baden-Baden in October 2011.
Executive Director of Azerbaijan Insurers Association (AIA) Azer Aliyev said that the information was disseminated about the potential and opportunities of the Azerbaijani insurance market, the implementedactivity and innovations. The presentation was of great interest.