The Central Bank of Azerbaijan (CBA) has included five more foreign-owned companies in the register of foreign insurers, reinsurers, and insurance brokers, thus increasing the number of foreign brokers working in the local insurance market to 92, Trend reports.

The CBA stated that foreign brokers included in the relevant register act as intermediaries in the process of placing insurance risks of Azerbaijani insurers on the international reinsurance market.

"The mediation of foreign brokers in this process plays an important role in enabling domestic insurers to obtain reinsurance programs from foreign reinsurers on more favorable terms within prudential requirements", according to the CBA.

The new companies included in the register of foreign insurers, reinsurers, and insurance brokers are Howden Reinsurance Brokers Limited and Volante International Limited (UK), MOI Insurance Broker (Kazakhstan), Howden Insurance Brokers Limited (Luxembourg), and Kuhn & Bülow Versicherungsmakler GmbH (Germany), the source writes.