Azerbaijan, Baku / Trend corr U. Ismayilova / Issuance of a rating of financial stability to Azerbaijani insurance companies will promote development of insurance market in the country, the Director General of Standard Insurance company, Kamal Ibrahimov, said.
"There is a potential in Azerbaijani insurance market for development and that is a positive occasion," he said.
Standard Insurance is carrying out preliminary work to be issued a rating of financial stability.
Standard Insurance, one of the leading insurance companies of Azerbaijan, was established in the February of 2002 with the authorized capital of AZN 600,000. In the first half of 2006 the authorized capital was increased up to AZN 4mln. The Committee of Directors made the decision to increase the capital up to AZN 8mln. The increase will be held gradually at the expense of the incomes and partially at the expense of the shareholders.