Azerbaijan, Baku, Jan.11 / Trend U. Ismaylova /
Azerbaijani insurance company Emrah Sigorta plans to carry out serious measures to expand the customer base in 2011, the company's CEO Shahin Mammadov said today.
He called a weak customer base as one of the main reasons for low insurance charges of the company. Premiums of the company for January-November 2010 totaled 0.7 million manat with payments in the amount of 0.3 million manat. In 2009 the company collected premiums in the amount of 0.26 million manat with payments worth 0.13 million manat, while in 2008 - 0.56 million and 0.12 million manat respectively.
Despite this situation, Emrah Sigorta has no plans to change its shareholders or merge with another local company.
"The company's capital now hits 3.5 million manat, which exceeds the regulatory requirement of the Finance Ministry for early 2011, so Emrah Sigorta does not need to attract additional funds," Mammadov said.
According to him, today the company's capital allows insuring all obtained risks.
Emrah Sigorta insurance company has been operating in the Azerbaijani market since 1993. The company has a license to provide 18 insurance services, three of which are compulsory. The company's shareholders are two physical entities.
The official exchange rate on Jan. 11 is 0.7976 manat to $1.