Outsiders complain about the insurance market closed

The insurance company Royal Sigorta is a notorious outsider of the local market - for 7 months it collected 77,200 AZN with 4,090 AZN of payments.

According to the chairman of the financial structure Nusrat Babaev, it was the result of closure of local opportunities. "The company received a license 1.5 years ago with a view to membership in the Bureau of Compulsory Insurance. The Ministry of Finance made demands that are not compatible with our capabilities of capitalization. Almost all successful insurers are tied to banks and solid trader firms, while Royal Sigorta has no possibility of the kind," he says," forgetting" about the links of the founders with the recently bankrupt bank of the same name.

However, among the outsiders there are also companies founded by well-known banking and other credit structure - so, Gunay Sigorta collected 228,080 manat and Amrah Sigorta collected 449,900 manat before August 1. Among those, whose premiums in January-July fell short of 1 million, there are Era Trans (497,430), Azergarant (529,020) and Chartis Azerbaijan (667,890 manat).

The insurance company Royal Sigorta has received a license to operate in December 2011. The company applied for registration in the office of compulsory insurance provided for by the law, which came into force on 16 December last year.

The size of the initial capital is 5.5 million manat.

Its founders include Ilgar Aliyev (cousin of the president of the country), Famil Teymurov, Vugar Shahbazli, Shahbaz Shakhbazov and Fuad Jam (son of the chairman of the supervisory board of Royal Bank, Ali Jam). - 17D-