Joint insurance company expects for 5 percent-growth given 20-percent slump of insurance market in Azerbaijan

Business Materials 30 June 2009 15:17 (UTC +04:00)

Azerbaijan, Baku, June 30 / Trend I. Khalilova /

Joint insurance company Basak Inam expects for 5-percent increase of insurance premiums collection in 2009, Basak director general Orhan Hasanov said.

"These low volumes of premiums collection growth connected with 15-20 percent slump of insurance sector in the country now. Our goal is to reach 5-percent of growth or preservation of collection in 2008, Hasanov said.

Roughly 3.2 million manat of premiums was collected as a result of 2008. Company's premiums hit 1.5 million manat in the first six months of 2009. It allows potentially expect for 5-percent growth, he said.

Reduction in volumes of payments is also observed in 2009. If Basak Inam implemented payments in the amount of 40 percent of level of premiums within similar period of 2008, presently, payments hit 37 percent.

Basak Inam was established in 1996 given 49-percent of shareholding in capital of Turkish insurance Basak company. Basak Inam is joint insurance company. Its shareholders include French investment Groupama corporation. It became shareholder of the company in 2006 in connection with purchase of 60-percent of shareholding in capital of Turkish insurance Basak Company. 

On June 30, the official exchange rate is 0.8041 manat to $1.

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