Premiums of Azerbaijani insurance company drop by three times due to financial crisis
Azerbaijan, Baku Dec. 19 / Trend , U.Ismayilova /"Financial crisis caused 30% reduction of premiums of the BE&G insurance company," Zaur Novruzov, the chairman of the board of the company, said.
According to Novruzov, "declining of premiums took place in the result of almost 60% of portfolio of the company comprises banking clients".
Since August many Azerbaijan banks reduced, and some stopped
the issue of consumer lending including for automobile, which are tightly
connected with the insurance sector.
Premiums of BE&G in January- September composed AZN 1.6mln prior to the end of the year the company plans to increase this index to AZN 2mln, Novruzov added.
Company also plans also to increase in the authorized capital from present AZN 800,000 to AZN1mln and also to AZN1mln during 2009, in accordance with the requirements of the law about the insurance accepted in March.
BE&G company, which acts since 1998, renders 28 forms of the insurance services, four of which are compulsory.
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