Baku, Azerbaijan, June 27
By Anvar Mammadov – Trend:
Azerbaijan’s sole reinsurance company AzRe is not going to expand presence on Iran’s insurance market, the company’s board head Fuad Guliyev told Trend.
“We already have a reinsurance portfolio in Iran, but for the present, we are not going to expand our presence on this market,” he said. “Iranian market is highly exposed to risk from which we want to protect our entire portfolio.”
Guliyev noted that aside from certain insurance risks which AzRe takes from Iran and Turkey, the company also works with a number of brokers from the Middle Eastern countries, but the major part of the risks coming from this region are rejected by the company.
“We reject around 99 percent of risks from the Middle East. There are several objective reasons, including the requirements of the underwriting,” said Guliyev. “Perhaps this is a conservative approach, but thanks to this, our loss ratio is below 98-99 percent and this is normal for a reinsurance company.”
Touching upon the Central African market which is very popular among the reinsurance companies, Guliyev noted that for the present, AzRe doesn’t plan to enter this market.
“Currently, we are not going to enter the Central African market,” he said. “Many companies are interested in this market, but for the present we are not interested in it.”
Azerbaijan’s first reinsurance company AzRe started to operate in 2007. The company’s aggregate capital is 69.51 million manats.
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