Azerbaijan, Baku / Trend corr U. Ismayilova / The Azerbaijani insurance market is not attractive for major players in the international insurance market, the Deputy Director General of the Pasa Sigorta insurance company, Nofal Rzayev, said on 13 June.
According to Rzayev, the proposed 49% share in an Azerbaijani insurance company can be of interest to large international investors only after the profound development of the insurance market in Azerbaijan.
"Taking into consideration the prospective development of the economy in Azerbaijan, large world investors will inevitably become interested in the Azerbaijani market in the future," he said.
Rzayev noted that given the current state of the Azerbaijani insurance market, it is more profitable for international investors to cooperate with the Azerbaijani insurance market only in reinsurance or correspondence. The Azerbaijani insurance market unites Russian, Turkish, and even French investors, he said. Azerbaijani owns a 51% share in AIG Caspian Insurance, while 49% belongs to American Insurance Group (AIG).
Pasa Sigorta, one of the leading insurance companies in Azerbaijan, which was founded in 2006, collected insurance premiums at the amount of AZN 1.56mln in the first quarter of 2007.
The statutory capital of the company makes up AZN 1.2mln. Pasa Sigorta provides services for twenty-eight forms of insurance.