Azerbaijan’s insurers announce reason for refusing reinsurance licenses

Baku. 19 October. REPORT.AZ/ Azerbaijan Industry Insurance and Silk Way Insurance have announced reasons for refusing reinsurance licenses.

Chairman of Management Board of Azerbaijan Industry Insurance Kamran Babayev told Report that despite the company has a reinsurance license, it did not use the license for a certain period: "For the present, reinsurance activity is out of the company’s interests. We are not interested in insuring risks of other insurers and therefore, we voluntarily refused the license."

Silk Way Insurance told Report that the company had not received reinsurance risks for about a year: "This was not so profitable. Therefore, we appealed to the Financial Markets Supervisory Authority (FIMSA) and the relevant decision was made. We don’t have plans regarding reinsurance yet."