Baku. Nijat Mustafayev - APA-Economics. Representation of Russia’s Soglasie company in Azerbaijan intends to increase its share in country’s reinsurance market up to 80% in the coming 5 years, APA reports. Head of the representation Emin Aslanov said that current authorized capital of Soglasie made $160 mln, annual revenues - $1 bn, insurance payments - $500 mln.
Aslanov noted that insurance market of Azerbaijan is developing dynamically during the last years and annual growth makes nearly 25-30%. ‘That is why Soglasie company decided to open representation in Azerbaijan’.
Moreover, Aslanov added that main activity of Soglasie in the next 3 years had been directed to reinsurance market of Azerbaijan: ‘We cooperate with 10 companies in this sphere in Azerbaijan. The volume of contracts that we signed is expected to make $350-400 ml at the year-end. In general, in the next 5 years, we intend to increase our share in Azerbaijan’s reinsurance market up to 70-80%’.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
