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Azerbaijan's small insurance firms recommended to specialize in certain segments

Business Materials 22 February 2018 22:00 (UTC +04:00)

Baku, Azerbaijan, Feb. 22

By Anvar Mammadov – Trend:

Small insurance companies in Azerbaijan must think about their future activity, first deputy chairman of the board at Ateshgah Insurance Akbar Madatli said.

According to him, such companies better specialize in certain segments of the insurance market.

“Specialization in certain segments could increase the companies’ qualification and help them find their niche in the market,” Madatli told Trend.

According to him, the market is currently glutted, because the number of insurance companies in Azerbaijan is more than actually required.

“Currently, most of the collections and premiums account for the first 10-15 companies. Hence, I believe 15 insurance companies to be sufficient for the market to fulfill the obligations to the people,” Madatli noted.

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