AzSighorta to receive international rating from Standard & Poor’s

AzSighorta to receive international rating from Standard & Poor’s
# 17 October 2008 16:56 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. AzSighorta Insurance Company intends to get ratings from Standard & Poor’s within three years.
Khayal Mammadov, Deputy Director of the Board, said that an international rating will be recognition of services in line with the international standards.
“By rule, an insure aspiring to get an international rating have to have at least five-year experience. Our company has been in Azeri market for two years. So, we will o procedures to be eligible by 2011,” he added.
Standard Insurance is the only insurer in Azerbaijan to get ratings.
In October, 2007 Moody’s Investors Service assigned Standard Insurance a global scale insurance financial strength rating (IFSR) of “B1” with a positive outlook, allowing the insurer to be the country’s number 1 to get international rating.
AzSighorta has been in operation since December, 2006.
AzSighorta provides 25 voluntary and 3 compulsory types of insurance. As of October 1, the authorized capital stood at AZN 2 million.
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THE OPERATION IS BEING PERFORMED