Azerbaijani insurance company begins working actively in real estate compulsory insurance segment

Business Materials 11 July 2012 18:08 (UTC +04:00)

Azerbaijan, Baku, July 11 / Trend A. Akhundov /

Azerbaijani insurance Pasa Sıgorta company's board is quite satisfied with current seven percent market share on the compulsory car insurance market, chairman of the company's board Nofel Rzayev said in an interview published on the company's web site today.

"Pasa Sıgorta's business plan for 2010-2012 assumes the company's active participation in the compulsory insurance process, but we see our mission in this segment in ensuring high quality services, both at the stage of the insurance policy issue, and in insurance cases, rather than figures," he said. "So, Pasa Sıgorta's board is quite satisfied with the company's current seven percent share in the compulsory car insurance market."

He said that the population perceived the specific benefits for the clients in the new compulsory insurance products.

The law on "Mandatory types of insurance" regulates the four types of compulsory insurance - real estate, liability of motor vehicle owners, passenger insurance, liability insurance while exploiting the real estate. The insurance companies have begun using this law since
December 16, 2011.

Rzayev said that the company began working actively in the compulsory real estate insurance segment.

Pasa Sıgorta, a member of the Pasa Holding, provides services to corporate and individual clients on 30 types of insurance. Pasa Sıgorta is the leader of the national insurance market in terms of capitalization and one of the leading insurers and reinsurers in Azerbaijan.

The official exchange rate is 0.7856 AZN/USD on July 11.