Baku, Azerbaijan, June 20
By Zulfiya Gurbanova - Trend:
"Pasha Sigorta" Insurance company expects to increase its fees and payments at least 7-10 percent by the end of the year, the company told Trend.
"Despite the fact that car insurance is one of the main types of insurance, it is not a priority for our company. Therefore, stricter requirements on car loans has not impacted significantly on the volume of the company's fees, which exceeded 53 million AZN last year," the company's representative said.
Preliminary assessment of the sales of the "Pasha Sigorta" during a five-month period showed an increase of 7 percent compared to the same period last year, the company said.
"Pasha Sigorta" fees amounted to 31.03 million AZN in January-May 2014, according to the State Insurance Supervision Service under the Ministry of Finance. For comparison, in 2013 the figure was 27.8 million AZN.
The company maintains a leading position in the market on the volume of fees and payments.
Touching upon the theme of compulsory insurance, the company's representative noted that "Pasha Sigorta"has never tried to become a leader in the Compulsory Automobile Liability Insurance, because unprofitability on this type of insurance is very high in comparison with others [it is expected to reach 75-78 per cent by the end of the year].
"Therefore, we strive to keep the share of the Compulsory Automobile Liability Insurance at a small level- about 7-10 percent of the total income. However, along with this, our company focuses on compulsory insurance of immovable property. "Pasha Sigorta" ranks second after "AzSigorta" on this type of insurance, the company noted.
The company is working on the expansion of the provided services, annually creating one or two products and subproduct, according to the "Pasha Sigorta".
"Last year, the company introduced a completely new product called D&O, which involves financial risk insurance of members of the board of directors and management. The product is designed for the insurance of the executives from all claims on all their activities regarding the performance of duties," the company noted.
Pasha Sigorta is a member of the group Pasha Holding. It offers 31 types of insurance services to corporate and individual clients. Pasha Sigorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time, one of the highest figures of the profitability in the country's insurance sector. Pasa Sigorta is also a participant in the UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.
Since 2007, the management system of Pasha Sigorta has been certified by Moody's on ISO 9001: 2000. Pasha Sigorta has been a participant of the UN Global Compact Initiative since 2009.
The official exchange rate on June 20 is 0.7843 AZN/USD.
Edited by CN