ALIYEV: Foreign players are welcomed and needed in the Azeri insurance market

4 July 2012 — Daniela GHETU
ALIYEV: Foreign players are welcomed and needed in the Azeri insurance market
azer-aliyev"Azerbaijan its not just open but also interested into welcoming foreign investors with some new players in the market of international level", said Azer ALIYEV, Chairman, AIA - Azerbaijan Insurance Association in a recent interview for XPRIMM.

As he explained, the Azeri insurance market always had its peculiarities in all aspects. "Even some standard development mechanisms described in many economic books, followed a non-standard path in Azerbaijan". Although it is well known that usually the presence of the big foreign players in a young market puts on steam market maturation, for the moment the impact of the foreign players on the Azeri insurance market was only marginal. "Moreover, they have adopted some negative aspects and applied them successfully. In my opinion, this thing may happen because their number in the insurance market is quite small", is of the opinion of Azer ALIYEV.

Currently in Azerbaijan operate two international companies: AXA MBASK and GROUPAMA. "I am certain that from the moment that an important competitor will appear things will change. In this case, these companies should compete with other companies on the same level. Therefore, the market will continue to benefit from new sales methods, manifold of retail products will grow, while we will be witnesses to several original marketing strategies, that will contribute to provide information regarding insurance for the final costumer", said ALIYEV.

Read the full interview with Azer ALIYEV, Chairman, AIA here.

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