Azerbaijani Insurance Company Publicizes its Plans on Doubling Capital

Business Materials 23 September 2008 16:14 (UTC +04:00)

Azerbaijan, Ganja, 23 September / Trend corr. B.Mammadov / "Qarant Sigorta, the Azerbaijani insurance company, is going to double its authorized capital and raise it to AZN 8mln in 2009," Vagif Hasanov, the head of the Qarant Sigorta company, who participated in opening ceremony of the first subsidiary of the company  in Ganja, said.

Qarant Sigorta functions since November 2007. At the beginning of 2008 the company's capital amounted to AZN 1mln and it raised to AZN 4mln in August, Hasanov said.

"At present the company is included in top five list of insurance companies on the level of capitalization," the head of Qarant Sigorta said.

The company's plans on increasing capitalization are connected with expansion of subsidiary network, as well as growth of risks in connection with the growth of operations at the insurance market. Despite of company's forecasts on collection of AZN 5mln in insurance premium in 2008, Qarant Sigorta collected AZN 4mln return within partial nine months. Therefore, the head of the company expects to increase portfolio of insurance premium to AZN 6mln by the end of 2008.

The company intends to expand number of subsidiaries by the end of 2008, preferring regions. Thus, the second subsidiary will open in Barda Region in October, and other in Guba and Sumgayit by the end of 2008.

Hasanov also spoke about joint plans with the Eurasian Fund to conduct enlightenment work in regions of the country.

"Workshops will be organized to improve knowledge in the field of insurance with the objective to increase people's interest to insurance," he said.

Distinctive feature of Qarant Sigorta's activity is that the company prefers not the corporate, but individual clients in its work.

The correspondent can be contacted at [email protected]