Baku, Azerbaijan, Feb. 23
By Abbas Akhundov - Trend:
Azerbaijani insurance company Royal Sıgorta intends to increase its authorized capital, which now stands at 5.5 million manats, the company's CEO, Nusrat Babayev told Trend on Feb. 22.
He said Royal Sıgorta intends to raise the capitalization in 2015.
Limitation on car loans in Azerbaijan adversely affected the company's business. Some 30 percent of the company's collections were previously ensured through voluntary vehicle insurance (CASCO).
However, this year the company expects to participate in several international projects and sign major contracts for health insurance, Babayev said.
Royal Sıgorta passed state registration on October 11, 2011. A five-year license for insurance activity was issued for Royal Sıgorta on December 28, 2011, by the State Insurance Supervision Service of Azerbaijani Finance Ministry.
Five individuals are the founders of the insurance company.
The official exchange rate for February 23 is 0.7845 AZN/USD.
Translated by E.A.