AZERBAIJAN: Georgian insurance company enters the Azerbaijani market

13 February 2024 — Marina MAGNAVAL
The Central Bank of Azerbaijan (CBA) has added Insurance Broker Magnus, a local affiliate of Georgian insurance giant Magnus, to the registry, Trend reports.

It is noted that after a five-year break, a foreign broker has entered the insurance market of Azerbaijan.

GrECo JLT Specialty GmbH, an Austrian company, was last registered as an insurance broker in 2019.

With the new company's entrance into the local insurance market, the number of registered foreign brokers in Azerbaijan has increased to 86.

Magnus has been providing insurance and reinsurance services in Georgia since 2016.