BAKU: The Central Bank of Azerbaijan has expanded its register of foreign insurers, reinsurers, and insurance brokers, adding five new foreign-owned companies. This development brings the total number of foreign brokers in Azerbaijan’s insurance market to 92, reflecting the country’s ongoing efforts to attract international players to its financial sector.

According to Trend News Agency, the Central Bank of Azerbaijan (CBA) has confirmed the inclusion of these new foreign companies, which act as intermediaries in placing Azerbaijani insurers’ risks on the international reinsurance market. A source within the CBA explained that the involvement of foreign brokers is pivotal for domestic insurers, as it allows them to secure reinsurance programs from foreign reinsurers on more favorable terms, all within the framework of prudential requirements.

The newly registered brokers include Howden Reinsurance Brokers Limited and Volante International Limited from the United Kingdom, MOI Insurance Broker from Kazakhstan
, Howden Insurance Brokers Limited from Luxembourg, and Kuhn and Blow Versicherungsmakler GmbH from Germany. The expansion of the register aligns with the Azerbaijani law “On insurance activities,” specifically Article 95.3, which mandates the CBA to maintain a comprehensive register of insurers, insurance mediators, and related entities.

The source further emphasized that the participation of these foreign brokers is governed by existing legislation and CBA regulations, which ensure the proper management of insurance risk transfers to reinsurance. This strategic move is seen as crucial for enhancing the competitiveness and resilience of Azerbaijan’s insurance market by leveraging international expertise and resources.