Azerbaijani insurer increases share of retail customer base

Business Materials 18 January 2013 14:56 (UTC +04:00)

Azerbaijan, Baku, Jan. 18 / Trend A. Akhundov /

Azerbaijani insurance company Standard Insurance continues to increase its share of retail in its customer base, chairman of the board Kamal Ibrahimov told Trend.

"The ratio has always been in favour of the corporate business by approximately, 60 to 40. However, last year the situation has changed a little, becoming more balanced. Now we can safely say that portfolios of both businesses are equal," Ibrahimov said.

He said the company will continue developing a network of representative and sale offices as well as post-insurance services in the country.

"As for the foreign markets, we already have a pretty good experience. We have a company in Georgia, Standard Insurance Georgia which is successfully developing. We are more conservative and moderate in our plans on the Georgian market, but will not reduce our activity. Our market is certainly more and more interesting in the last couple of years and this stops us from integration with other foreign markets, but does not rule out such an opportunity," Ibrahimov said.

One of the largest insurance companies in Azerbaijan, Standard Insurance has been operating on the market since 2002. The company provides 28 types of insurance.