The Russian Insurance Company Concord completed "reconnaissance in force" in the domestic insurance market and intends to expand and strengthen its own representative office here.
According to the CEO of the company Elnur Suleymanov at yesterday's press conference in Baku, the plans to introduce a thorough underdeveloped segment of reinsurance remain in force, but if earlier the specialization was in the reception of large reinsurance risks of local insurers, now on stage is acceptance of risks from Russian market for reinsurance in the local market (mutual reinsurance).
The local market will increase due to the Russian company by an undeveloped line of insurance products - in particular, trade credit insurance. Today, millions of people in Azerbaijan buy home appliances, cars and furniture on credit and, perhaps, in this segment, there is the biggest turnover of "fast" finance. In Russia, this profile has been mastered and has shown its undoubted advantage. The company intends to not only promote the product, but also, because of the "immensity of the front" to provide training for employees of its business partners.
Change of the status (transformation of the representation into a branch) is not true. However, with the development the issue may appear on the agenda, said Suleymanov.
The local office started on 19 June this year, with the introduction into the register of the Ministry of Taxes of Azerbaijan. The financial structure is registered at the city of Baku, Nasimi District, 243 Dilara Aliyeva Street, apt. 33. The legal representative of the company is Emin Aslanov.
Previously, we reported that in April, the official website of the State Insurance Supervision Service included the insurance company Concord into the register of foreign insurance companies.
The company was established in 1994. Its share capital is 4.3 billion rubles (100 million manat). The reinsurance capacity is 3 billion 825 million rubles. Partners of the company in reinsurance are Hannover Re, Munich Re, Swiss Re, SCOR and other known reinsurance companies.
The extensive network of sales, with more than 700 units including 88 offices in Moscow, 77 branches, 231 agencies, 171 remote workstations and 136 additional offices in the Russian regions, allows the company to carry out insurance protection of property interests of clients in practically all regions of the Russian Federation, and now assist the growth of the insurance market of Azerbaijan. - 17D-
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