Azerbaijan, Baku / corr Trend U.Ismayilova / Rashad Ahmadov , the Director General of GORQUD SIGORTA insurance company, announced that the insurance of oil sector risks is the major source of the highest incomes in the Azerbaijani insurance market.
Ahmadov said that it portrays a problem, because the local companies are in no condition to cover such big risks, and in this connection they re-insure them through the companies of the world market and they receive interests.
Ahmadov noted that this type of risk insurance is very developed; it shadows the insurances of retail services, which occurs mainly at the expense of obligatory insurances of owners of transport conveyances and property.
In its turn Eldar Abdullayev, the head of auto-insurance group of the Russian company Vital Polis, said that the Azerbaijani insurance market needs to develop retail services. In connection with the active development of the oil and gas sector, the major part of premium collected by the Azerbaijani insurers from big corporations and enterprises at the expense of industrial, construction and assembly risks and insurance of their responsibilities.
The statutory capital of GORQUD SIGORTA is AZN 750,000, while the company intends to increase it to AZN 2mln as of the 1st of January 2008 in connection with the changes in the capitalization of insurance companies in accordance with the new law on Insurance. The insurance company VITAL-Polis was established in 2001.