Azerbaijan, Baku, Jul.20 / Trend U.Ismayilova /
The Azerbaijani-Turkish joint insurance company Basak Inam collected premium worth 1.3 million manat in January-June 2009, chairman of the company's management board Orkhan Huseynov said.
Payments by the company amounted to 1.8 million manat in this period, Huseynov added.
Premium reduced as a result of cut, as well as refusal from health insurance, which flawed the company last year, Huseynov added.
The company concluded agreements on health insurance in the amount of about 550,000 manat in the first half of 2008. The company received 140,000 manat from this type of insurance in January-June 2009.
These actions are taken within an antirecessionary measures to reduce payments, Huseynov said.
At present the company mainly provides services in fire insurance, insurance, accident, KASCO and others, Huseynov added.
As to forecasts by late 2009, Huseynov said they do not expect significant increase and the company would try to maintain the performance of last year.
Basak Inam collected premium worth 1.58 million manat, with payments worth 0.89 million manat as to 2008.
Basak Inam shareholders are the French company Groupama, which bought 60 percent shares of the founder of the Turkish Basak, which owns 49 percent of the company's shares and Azerbaijani side holds 51 percent of shares.
Cooperative Insurance Company Basak-Inam operates since 1996, offering 31 types of insurance services. The authorized capital of the company is 1 million manat.
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