Azerbaijan, Baku, Sept. 30 / Trend , U.Ismayilova/
The Azerbaijani insurance market, despite the global financial and economic crisis, has not declined and continues to develop, said Vagif Hasanov, the chairman of the board of one of the major insurance companies - Qarant Sigorta.
"The crisis is mainly affected the country's banking sector, and hence on those insurance companies that sold policies associated with the banks," Hasanov said.
He said today's insurance market of Azerbaijan does not observe any negative signals, and there is no evidence of non-payment by the companies. "Companies continue to work at a pace which they worked at," Hasanov said.
The chairman of the company's board believes that the impact has been on the level of market growth, which previously stood at about 30 percent annually.
In fact, according to Hasanov, the crisis positively affected many markets, and if the company had not predicted this situation, but now they understand that they must be ready for everything.
"In this situation, companies also should not only work with corporate clients, through which they develop a large amount of charges, and whose loss causes major problems," Hasanov said.
Qarant Sigorta Insurance Company in November 2007 received license for insurance activities from the Azerbaijani Finance Ministry. Qarant Sigorta belongs to ZQAN Holdings. The authorized capital is four million manat. The company provides services of 18 voluntary and four types of compulsory insurance. The company's collections in January-August totaled 1.96 million manat with payments of 0.13 million manat.
On Sept. 30, the official exchange rate is 0.8035 manat to $1.
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