Azerbaijan, Baku / corr. Trend U.Ismailova / Namik Khalilov, the manager of the State Insurance Supervision Department of the Azerbaijani Finance Ministry, stated on 19 June that there is need to create a local rating organization in Azerbaijan.
"Presently, there is no rating organization in Azerbaijan, therefore, those who wish to gain a rating should refer to international organization, which is very expensive," Khalilov said.
Regarding the current situation of Azerbaijani insurance companies, the companies may only claim approximately 20 types of insurance of the report list to gain a rating, according to Khalilov
Accepting international ratings is a professional point of view, which indicates disadvantages, which must be removed.
At present, 29 insurance companies are operating in Azerbaijan.