Azerbaijani insurer exceeds $ 5 million risks retention volume

Business Materials 20 August 2014 13:33 (UTC +04:00)

Baku, Azerbaijan, Aug.20

By Zulfiya Kurbanova - Trend:

The equity risk volume held by Pasha Sigorta insurance company reached 4.2 million AZN, the insurance company told Trend.

"Due to the high capacity of retention risks our company positions itself not only as the largest insurer, but also as one of the largest reinsurers in the local market", said a source within the insurance company, adding that "Pasha Sigorta" is also a leader in capitalizing on the country's insurance market with a combined capital of 42.1 million AZN.

The main reinsurance partners of the company are foreign ones with high levels of financial stability (rated A), such as "Munich RE", SCOR, "Allianz", ACE and others, the agency said.

Moreover, he said that "Pasha Sigorta" is now the official insurer of different major oil and gas, construction, property and other projects.

"Pasha Sigorta" advocates as a national partner of insurance on development projects of "Azeri-Chirag-Guneshli" and "Shah Deniz" offshore oil and gas fields, and as the official insurer of the first phase of "Shahdagh" construction (through an American "Marsh" broker) , as well as other projects.

"Pasha Sigorta" which is a member of the "Pasha Holding" group provides services to corporate and individual clients on 31 types of insurance. "Pasha Sigorta" is among the three leading insurers of the country in terms of capitalization, maintaining and at the same time retains one of the highest profitability indexes in the insurance sector of Azerbaijan.

Since 2007 the management system of the "Pasha Sigorta" IC has been certified by Moody British agency with International Management Standard ISO 9001: 2000. Since 2009 "Pasha Sigorta" has been a member of the UN Global Compact (UN Global Compact Initiative) for the protection of human rights, environmental protection and fight against corruption.

The official exchange rate for August 20 is 0.7842 AZN / USD.