Azerbaijan’s one more insurance company to penetrate foreign market

Azerbaijan’s one more insurance company to penetrate foreign market
# 05 November 2008 15:14 (UTC +04:00)
Baku. Elnur Huseynguluev - APA-Economics. Azerbaijan-based International Insurance Company will open its first office abroad in a few years, Ilham Agayev, Vice-Chairman of the Board of the Company.
He added that the opening of foreign offices is envisioned in the company’s strategic plan, but has been delayed because of the global financial crisis.
“It is planned to open representative offices in Tbilisi and Moscow first, so we have to do market research on the insurance markets of Russia and Georgia,” he added.
Standard Insurance was the first among Azerbaijan-based insurance companies to open an office abroad. It opened a representative office in Tbilisi.
International Insurance Company, owned by International Bank of Azerbaijan, has been in operation since 2002.
The company earned AZN 15.04 million in premiums and paid AZN 3.10 million for insurance claims during January-September.
The company provides 29 voluntary and 4 compulsory types of insurance services.
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