Azerbaijani insurance company intends to increase authorized capital twice by late 2009

Business Materials 16 March 2009 16:28 (UTC +04:00)

Azerbaijan, Baku, March 16 / Trend U. Ismayilova /

The Azerbaijani insurance company Qarant Sigorta intends to increase dues and fees up to 10 million manat by the late 2009, Vaqif Hasanov, chairman of the company's board, said on March 16.  

"It is not a limit because the company forecasted dues and fees in the amount of 5 million manat as a result of 2008 but collected 7.6 million in total," Hasanov said.

Share of bank insurance in Qarant Sigorta portfolio totals 10 percent. So, the company did not suffer from occurring situation on the market due to reduction of bank loan since August 2008 and suspension of consumer and cars' loan, he said. The insurance company suffered less from occurring situation due to insignificant level of bank loan in general portfolio.

Qarant Sigorta also intends to increase the authorized capital from 4 million manat to 8 million manat by late 2009.

The authorized capital will increase owing to shareholders' profit, Hasanov said.

In November 2007, the Azerbaijani Finance Ministry licensed Qarant Sigorta. The company enters the ZQAN Holding. Company's authorized capital is 4 million manat. Qarant Sigorta offers 18 types of voluntary and 4 types of compulsory insurance.

On March 16, the official exchange rate is 0.8045 manat to $1.

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