Preferences out of competition

Local companies specializing in life insurance need no competitors.

According to the magazine XPRIMM INSURANCE Profile Azerbaijan referring to the deputy chairman of the insurance company PASHA Hayat Sigorta Niyaz Ismayilov, in Azerbaijan there is no need to attract new players to the life insurance market.

The country has three life insurers: Ateshgah Hayat Sigorta, PASHA Hayat Sigorta and Qala Hayat Sigorta. According to the expert, they compete and fully meet the needs of the population in the insurance products segment life insurance. Ismayilov said that the growth of the life insurance market of Azerbaijan in 2014 is 30-40%.

In fact, there is a need for new market participants. In the context of the economic realities almost all the sector is focused on corporate contracts with large employers "tied" to the authorities and to insurers close to the ruling family. - 17D-

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