Azerbaijan, Baku, June 12 / Trend , U. Ismayilova/
Pasha Sigorta, Azerbaijan's largest insurance company, plans to increase collections up to 10 million manat under strategic plan despite market situation, company's director Nofal Rzayev said.
"Despite certain reductions on the market, Pasha Sigorta keeps on acting under strategic plan," Rzayev said.
He said the company collected 2.63 million manat for the last five months, a rise of 6 percent.
In 2007, Azerbaijani insurance company saw heavy growth of over 60 percent. Following reductions on the market in late 2008 caused by suspension of consumer lending by banks and also for purchase of cars, the growth totaled 22 percent in 2008.
Majority of insurers were mainly engaged in banking transactions in the period of active development through car insurance via loan, which resulted in reduction on the market.
In the first quarter, companies' total collections declined 16.9 percent compared to the same period of 2008 and payments increased 14.8 per cent.
Pasha Sigorta, part of Pasha Holding, provides 30 types of insurance services to corporate and individual clients through central office in Baku and service offices in Sumgayit and Khirdalan. The company ranks among top ten insurers with an authorized capital of 9 million manat and the total capital of 11.5 million manat.
On June 12, the official exchange rate is 0. 8038 manat to $1.
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