Azerbaijani-Turkish insurance company announces plans on collection over 2009
Azerbaijan, Baku, October 7 / Trend U. Ismayilova /
Azerbaijani-Turkish insurance company Basak Inam intends to preserve last year's index and reach up to 3 million manat as a result of activity in 2009, chairman of the company's board Orhan Huseynov said on October 7.
"Premiums are not expected to increase due to situation on the insurance market of the country. In August the company even left behind indices for the same period of 2008. If total volume of the insurance market preserves at the level of 2008 by late 2009, our company's premiums will also be at the level of 2008.
The company's dues and fees hit 3.04 million manat with payments worth 1.76 million manat as a result of activity in 2008. The company's premiums hit 1.5 million manat with payments of 0.57 million manat as a result of January-August.
He said that reduction of market's volumes slightly affect the company's activity as 15-17 percent of Basak Inam's portfolio was formed owing to bank insurance.
'The company's portfolio is mainly formed owing to insurance of private people," Huseynov said.
Shareholders of Basak Inam are French company Groupama. Groupama bought 60 percent of shares of the company's founder - Turkish Basaк. Basaк has 49 percent of shares but Azerbaijani side has 51 percent.
Joint insurance company Basak-Inam operating since 1996 renders 31 insurance services. The company's authorized capital has been increased up to 2 million manat since May.
On October 7, the official exchange rate is 0.8033 manat to $1.
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