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Jamil Melikov: Azerbaijan-based insurance companies need to raise their capital

Jamil Melikov: Azerbaijan-based insurance companies need to raise their capital

17 February 2009 16:04 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Azerbaijan-based insurance companies need to raise their capital, said Jamil Melikov, the Chairman of the Supervisory Board of the Azerbaijan Insurers Association.
He also added that companies made their financial reports in accordance with new standards in 2008.
â€œThe new standards require the insurance companies to raise capital because of solvency, business, etc. depend the size of capital.
He added that insurance companies must either raise capital or to consolidate with others.
There are 28 insurance companies, 1 reinsurance company and 6 broker firm in Azerbaijan.

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