Standard Insurance plans to collect 10mln manat in 2009
Azerbaijan, Baku, Oct. 16 / Trend , U.Ismayilova/
Premiums of one of Azerbaijan's giant insurance companies, Standard Insurance amounted to 6.5 million manat in January-September, said Kamal Ibrahimov, Chairman of the Board.
"The company's collections on baking insurance declined by 17-25 percent in this period," said Ibrahimov.
He said this is a normal situation, given the general downturn in the insurance market.
"But we were not worried, because the number of Standard Insurance customers as corporate and private remained at the level of last year. By the end of the year, the market will resume its previous level, and I think that our fees will increase to previous levels," said Ibrahimov.
By late 2009, he said, the company intends to bring charges up to 10 million manat. The company's income was about one million manat.
"Currently, the capitalization of Standard Insurance has risen to 13-14 million, and some part of this amount will be sent to increase the authorized capital," said Ibrahimov.