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Azerbaijan's biggest insurer intends to double collection by late 2009

Business Materials 19 August 2009 14:22 (UTC +04:00)

Azerbaijan, Baku, August 19 / Trend U. Ismayilova /

One of Azerbaijan's biggest insurance companies, Atesgah Sigorta, intends to reach 12 million manat by late 2009 despite a reduction in Azerbaijan's insurance market, the Chairman of the company's board, Azer Aliyev, said on August 19.

"We forecasted an annual collection to the amount of 15 million manat in early 2009. But we decided to correct the forecast by 30 percent due to a decrease in the market," Aliyev said.

In 2008, Atesgah Sigorta collected 16.35 million manat with payments of 4.44 million manat.

Aliyev said that share holders do not plan to increase authorized capital to the amount of 2.7 million manat, taking into account the current situation on the market.

Atesgah Sigorta insurance company was set up in 1996. Share holders of the company are I.S.R. Holding Ltd (49 percent of shares), SOCAR (30 percent) and RAN-Eksim (21 percent). For the first six months, the company's premiums hit 6.86 million manat with payments of 2.19 million manats.   

On August 19, the official exchange rate is 0.804 manat to $1.

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