Azerbaijan, Baku / Trend corr. I.Khalilova / The insurance company AzSigorta will define a list of re-insurance companies to which the company will supply obligatory re-insurance agreements by the end of 2007, Khayal Mammadkhanli, the deputy director general of the company, said.
There is a great demand to supply compulsory insurance agreements on property and building and construction jobs insurance. Automobile insurance agreements have already been supplied to some companies. The company has signed contracts with the Russian companies Russian Re, Riga Re, and Ingosstrah for the supply of re-insurance of property and automobiles.
Negotiations are also being held with European re-insurance companies of an A rating, including the Hannover Re, Swiss Re and others.
In compliance with obligatory agreements all risks are automatically transformed to re-insurance companies, they are supplied with monthly reports regarding the signed agreements. "It decreases administrative risks and allows the company to select risks," Mammadkhanli said.
