Russian insurance company Concord will first 3 years deal with reinsurance in Azerbaijan

Azerbaijani representation of the Russian insurance company Concord to the end of the year is to conclude contracts for $ 350-400 thsd.

Relationships are maintained with all the leading local insurers, said at a press conference in the news agency Interfax Azerbaijan the company's head Emin Aslanov. According to him, since the presentation of the company in Baku (September 19 ) two months have passed, during which all the experts on corporate governance, network maintenance and re-presenting the top ten of Azerbaijani insurers, attended courses in Moscow.

Plans for the thorough implementation in underdeveloped reinsurance segment are a priority for the next three years, said Aslanov. Today we can mark the growth of the construction sector, construction machinery purchased Western worth many millions of euros, a number of realty units exploited and ready for operation, subject to numerous risks, the country receives a lot of imported cars, so reinsurance is becoming increasingly important. Also, if Concord earlier specialized in the reception of large reinsurance risk of local insurers, now on stage is acceptance of risk from the Russian market for reinsurance in the local market (mutual reinsurance).

Speaking of reinsurance, head of the representative said that due to the direct presence over 5 years they are going to learn the 70-75% of the volume of reinsurance companies in the CIS in the local market. In the future goal - to overtake the West's largest reinsurance companies cooperating with local insurers.

In addition, the local market promises to be replenished by the Russian company with an undeveloped line of insurance products - in particular, trade credit insurance. Today, the country millions of people are buying home appliances, cars, furniture, credit and, perhaps, in this segment, the largest turnover of "fast" Finance. In Russia, this profile mastered and showed his undoubted promise. The company intends to not only promote the product, but also, because of the "immensity of the front," to provide training for employees of business partners.

Recall that the local office beginning on 19 June this year, with the introduction of the register of the Ministry of Taxes of Azerbaijan. The financial structure is registered at the city of Baku, Nasimi District, Dilara Aliyeva Street, 243, 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 in the register of foreign insurance companies.

The company was established in 1994. The 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 high-rank reinsurance companies.

The extensive network of sales includes more than 700 units, 88 offices in Moscow, 77 branches, 231 agencies, 171 remote workstations and 136 offices in the Russian regions. It allows the company to carry 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-