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Insurance potential in agrarian sector of Azerbaijan is AZN 100 mln

12 July 2011 15:14 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Volume of potential insurance collections in Azerbaijanâ€™s agriculture sector make AZN 100 mln, board chairman of Bashak Inam insurance company Orkhan Hasanov said.

To him, there are great perspectives in this sphere, including insurance of livestock holding, poultry plant, greenhouses and etc.: â€œBut it is very toilsome work. Because the company on this insurance type can not coordinate with foreign practice-system. There is need to establish complete and operational system for conducting of the insurance activity of this sphere. Besides, I must note that issue on reinsurance has been solved from risk standpoint. Though agriculture sphere is more risky, the company will pass 75% of the risks to Turkeyâ€™s Groupama companyâ€.

Hasanov said that discussions would be conducted with the representatives of the World Bank in connection with insurance of agriculture, current state of market on this sphere, at the same time, putting up new insurance products for sale to the market.

Note that, Bashak Inam insurance company has been in operation since 1996. As of July 1, 2011, its authorized capital made AZN 3.2 mln. The company operates on 4 compulsory and 27 voluntary insurance types.