Azerbaijani Insurance Company to Increase Premiums by Ten Times

Business Materials 21 April 2008 15:13 (UTC +04:00)

Azerbaijan, Baku, 21 April / Trend corr. U.Ismayilova / The new Azerbaijani insurance company -Qarant Sigorta is to increase its premiums to AZN 5,000, Vagif Hasanov, Chairman of the company stated on 21 April.

"The premiums of the company will be increased at an expense of the insurance types which are sold more frequently - auto insurance, real estate insurance, and construction and repair of risks insurance," Hasanov said.

From Nov 2007 to March 2008, the company collected premiums totaling AZN 0.5mln and payments comprised AZN 500. During the first quarter, Qarant Sigorta paid AZN 30,000 tax.

According to Hasanov, the company is to double its authorized capital and make it AZN 2mln.

The company will soon turn to a joint stock enterprise and will attract new shareholders by the end of 2008.

Since Nov 2007, Qarant Sigorta has been operating in Azerbaijan. Company renders 18 voluntary and four obligatory types of insurance. The authorized capital of the company totals AZN 1mln. ZQAN holding is founder of the company.

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