Azerbaijani insurers able to leave more risks in country
Azerbaijan, Baku, July 5 /Trend A.Akhundov/
The only reinsurance company in Azerbaijan AzRe plans to increase premiums by 10-15 per cent in 2012, CEO Vusal Abbasov told Trend.
"We plan to collect about 30 million manat in 2012," Abbasov said.
He noted that the company now takes risks in the post-Soviet countries (mainly Russia and Georgia), Eastern Europe, the Middle East, Southeast Asia, Latin America and North Africa. Projects abroad account for about 10 per cent of the portfolio.
"In addition, the trend of reinsurance risks through our company is growing in the local market. We now have the opportunity to keep risks at more than 15 million manat, which is rather high for the market. Our assets exceed $81 million. Our company is the biggest in the post-Soviet space in terms of assets and capital (40 million manat)," Abbasov said.
AzRe received its licence from the Finance Ministry on Nov. 7, 2007. The company's shareholders are six physical bodies. The company renders non-life insurance services both to local and regional insurance and reinsurance companies and reinsurance intermediaries.
Official exchange rate on July 5 is 0.7856 AZN/USD