Azerbaijan insurance company increases fees by 20 percent per year

Society Materials 6 January 2011 18:30

Azerbaijan, Baku, Jan. 6 / Trend U. Ismayilova /

"One of the largest insurance companies in Azerbaijan - Paşa Sığorta, according to preliminary results of 2010, collected premiums worth 12,5 million manat, chairman of the company board Nofel Rzayev said.

The premiums for 2009 amounted to 10.31 million manat with payments up to 1.86 million manat.

He said that the premiums were formed mainly by contributions from the construction risks insurance, auto insurance and property insurance.

The company has already approved the plan on fees for 2011, projected at 10.5 million manat, Rzayev said.

Pasha Sıgorta is a member of the group Pasha Holding. It offers 30 types of insurance services to corporate and individual clients. The company authorized capital hits 20 million manat. With total assets worth 28 million manat Pasha Sıgorta 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.

Pasha Sıgorta has been certified by Moody's as having attained the ISO 9001: 2000 standard since 2007. Pasa Sıgorta is also a participant to the UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.