...

Azerbaijan Insurers Association to Resolve Rating of Financial Stability

Business Materials 23 June 2007 14:13 (UTC +04:00)

Azerbaijan, Baku / Trend corr U. Ismayilova / Azerbaijan Insurers Association will resolve the issue on ratings of insurance companies, the Director General of Atesgah insurance company, Intigam Huseynov, said.

"Today an insurance company in Azerbaijan cannot be issued the rating which will enable competition at international level," he said.

Huseynov said that for this reason there was no need in internal ratings which are not recognized abroad.

A member of the Supervisory Council of the Association noted that a committee dealing with internal ethic norms would be established in the Association. The committee will develop a common principle displaying how to compete not to struggle. The matter on rating will be resolved later.

According to Huseynov, one of important indexes of an insurance company taken into consideration whilst insuring a rating of financial stability is the capitalization.

For issuance of a rating of financial stability it is necessary firstly to resolve the matter on internal professionalism and later capitalization.

Joint Russian-Azerbaijani insurance company of Ateshgah was established in 1996. The company received a license for insurance activities in the beginning of 1997.

Ateshgah is the only insurance company in Azerbaijan providing for insurance of energy risks related to exploration and development of on-shore and off-shore oil and gas operations.

Latest

Latest