Sanctions on Russia amid war to make insurance costly in Azerbaijan

Ugur Ibrahimli, chief executive of Azerbaijan-based insurer Mega Life Insurance, said that insurance rates in Azerbaijan could rise in the near future as sanctions on Russian entities force local insurers to buy expensive cover from European reinsurers, Xprimm reported. Mr. Ibrahimli said that Azerbaijani insurers have been buying reinsurance from Russian carriers at lower rates.