Too Early for Azerbaijani Insurance Companies to Enter International Market
Azerbaijan, Baku / Trend corr U. Ismaylova / Azerbaijani insurance companies have to meet the demands of the internal market in order to enter the international market, Deputy Director General of the Pasa Sigorta insurance company, Nofal Rzayev, said on 18 May.
The Deputy President of the National Bank of Azerbaijan, Rufat Aslanli, said during the conference in Tbilisi that the presence of Azerbaijani insurance companies in the Georgian market was not ruled out for the future. According to Rzayev, many local insurance companies re-insure foreign risks due to insufficient capitalization and it is too early for them to enter international markets.
"The companies in Azerbaijan are not ready for the risks at the international level," Rzayev said. He further noted that in order to enter the international market, local companies have to satisfy a package of insurance products.
Pasa Sigorta registered on 3 March, 2006. The statutory capital of the closed joint-stock company comes to AZN 1mln.