Development of Azerbaijani insurance market value of brokers growing

Business Materials 4 May 2012 15:32 (UTC +04:00)

Azerbaijan, Baku, May 4 / Trend A.Akhundov/

With the development of Azerbaijan's insurance market, the value of brokers operating in the country is growing, coordinator of business development of the Azerbaijani office of the American brokerage firm Marsh Tural Gasimov said.

"Today the brokerage sector is very promising and important for Azerbaijan. It is not possible to work without a mediator in countries with developed insurance market. Today the Azerbaijani market needs brokers and they are involved in major projects.

"Brokers represent clients before the insurance company and can provide a more reasonable price as they have a partnership agreement with the insurance companies and can act as an intermediary in entering foreign markets. They can also provide better services to the client. This cooperation is beneficial for the client, the insurance company and the broker. This practice is an integral part of insurance in the world," Gasimov told Trend on Friday.

Gasimov added that brokers have become more active in Azerbaijan day by day.
"We are trying to expand the scope of activities, hold meetings with potential clients to inform them about the brokerage business. With the development of the insurance market, the value of brokers is growing," Gasimov said.

According to the State Service of Insurance Supervision under the Ministry of Finance of Azerbaijan, there are six insurance brokers.