The state insurance commercial company of Azerbaijan, Azersigorta, has decided to close some of its branches in Baku and other districts, as Trend reported on March 1.

According to the company, the goal of Azersigorta is to improve the portfolio and reduce some costs. Based on those goals, a decision to close some branches to "recover and eliminate unnecessary expenses" was made. As Azersigorta explained, expenses of some branches were more than the revenues, which could result in losses for the company.

The branches of Azersigorta in the country's districts and Baku will have a representative status, and at the same time the company is planning to create new branches with a regional status.

Based on FY2020 market results, the State Insurance Company ranked third in terms of GWP volume among Azerbaijani insurance companies.