INSURANCE BUSINESS OF AZERBAIJAN ON INTERNATIONAL SCENE

The number of people involved in the insurance market increases annually. It witnesses about the progress in insurance consciousness of the people on the one hand, and about the increase of confidence in insurance companies, on the other hand. The insurers in their turn try to increase the quality of the rendered services, to diversify the spectrum of the offered insurance products, to provide appropriate fulfillment of the obligations before other insurers, to introduce modern standards of insurance in their activity in order to justify and strengthen their confidence. The activity of the Standard Insurance company is a striking example of it.

Today the Standard insurance has consolidated on leading positions at the home insurance market. For his comparatively short history of existence the company has achieved record rate of growth entering the three of the biggest insurance companies of Azerbaijan. The development of the company has been visually reflected on the rate of its authorized capital stock – it have climbed up more than 3-fold for incomplete four years of activity.

One of the significant events in the activity of the Standard Insurance last year was its inclusion into Security List (list of the reliable companies) by the AON Group (on of the biggest brokers of Lloyd’s). The company has been the first and the only Azerbaijani insurance company up to date included into such a solid and recognized in the world list. The fact which the result of correspondence of all the main indicators of the Standard Insurance’s activity to the international norms of insurance companies’ activity, has raised the rating of the company essentially and promoted the scope raise of the insurance and reinsurance agreements signed by the company. Earlier, in the same 2005, the Standard Insurance company got an international quality certificate ISO 9001-2000. Speaking about the international acknowledgement, one must mention the USA Department of Providing Market Reliability (Chicago) and the International Department of Market Reliability (London), and the Standard Insurance company having declared about its acknowledgement.

The company has achieved an image of a reliable reinsurance for the last two years. The Standard Insurance’s close cooperation with the insurance and reinsurance companies of England, Germany, Switzerland, USA, Poland, Russia and other countries witnesses it. The company has succeeded in finding and getting one of the most reliable and efficient reinsurance lines in the process of international cooperation, that promoted widening partner relations of the local insurance companies with the Standard Insurance in this sphere.

According to the last data, the scope of the insurance premiums of the Standard Insurance has comprised some 6,2 million AZN for twelve months of the last year. In other words, the matter is the thrice-repeated increase of the indicator as compared with 2004. Let us remind that the Standard Insurance has entered the three of leaders of the domestic market of insurance services on this category, having climbed up one more level at the national market from the beginning of the year.

Having achieved such noticeable results, the company is not going to stop on achieved. The works on producing new products and widening the list of services in already existing packages are kept on. It is planned to broaden the geographical comprehension of the direct client servicing by means of engaging new agents in, opening new representative offices and branches.

The company is planning to keep on raising the level of the people’s knowledge about insurance, to promote confidence strengthening on this kind of activity as a whole, perfecting and widening the spectrum of the additional consumer services. The authorized fund of the company will reach some 4 million manats in near future. The unique for the local market medicine programs intended for the different groups of population are on the stage of introduction, a number of specialized programs are worked on.

It is evident that the Standard Insurance has succeeded in showing itself as a reliable and serious insurer both at the home market and outside of the country.