Azerbaijani Insurance Company Develops Antirecessionary Business Plan
Azerbaijan, Baku, 30 October / corr Trend U.Ismaylova / Atesgah, which is one of Azerbaijani huge insurance companies, prepares an antirecessionary business plan for the subsequent year, Azer Aliyev, CEO of the company, told.
"The antirecessionary business plan implies maximum fall of costs and suspension of taking on new employees," Aliyev said.
Presently, the fall of growth and development rates is felt in the company and other ones, that is connected with fall of granting of loans by national banks.
The rates of consumer loaning dropped since mid-August and some banks suspended the operations in this direction in Azerbaijan. Fall of rates of loaning by banks, in the first turn, is explained by the crisis in world financial markets. Such situation compels the banks to be warier and apply stricter choice upon formation of clientele base that is a part of corporative system of management.
Presently, a part of Azerbaijani banks renewed granting of loans, but not of all types.
The growth rates fell dramatically over suspension of consumer loaning, in particular automobile one, as automobile insurance exactly makes up about 70% of growth.
According to the Azerbaijani Ministry of Finance, the premiums of insurance companies on KASKO made up AZN 43.3mln at payments of AZN 14.7mln in January to September. Premiums on MTPL insurance made up AZN 2.9mln at payments of over AZN 619,000.
"We prepare the antirecessionary plan to finish it with minimal damage in order to stand the next in turn crisis year for insurance companies, judging by fall of growth rates of business," Aliyev said.
At present, Ateshgah insurance company includes following shareholders: I.S.R. Holding Ltd (49% of shares), State Oil Company of Azerbaijan Republic (SOCAR) (30% of shares), and RAN-Eksim company (21% of shares). In January to September, the company gathered premiums at the rate of AZN 13.97mln at payments of AZN 3.17mln.
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