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Russian ROSNOâ€™s office in Baku targets $500 000 for insurance premiums this year

27 November 2008 13:07 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The representative office in Baku of Russiaâ€™s ROSNO Insurance Company, a subsidiary of Allianz SE, plans to earn $500 000 in premiums by the end of 2008.
Emin Aslanov, chairman of the representative office in Azerbaijan, the company provides reinsurance services and secured contracts with 15 local companies.
He said that main objective is to introduce international technology in the insurance market.
Regarding the impact of world financial crisis, Emin Aslanov said there has been a 35% year-on-year rise in premium collection in the countryâ€™s insurance market this year.
â€œThis indicates that Azerbaiajnâ€™s insurance market remains unaffected,â€ he added.
ROSNO inaugurated its representative office in Baku in April, 2008.
Allianz AG was founded in Berlin in 1890 and shifted its headquarters to Munich in 1949.
Core and focus is on the insurance business. With â‚¬102.6 billion of revenue during 2007 Allianz is one of the largest international insurance and financial services organizations in the world.
Allianz acquired 45 percent of Russiaâ€™s insurer ROSNO in 2001 and owned 97% in 2007.
ROSNO was founded in 1991. The company has 100 branches and more than 200 agents.