British – Azerbaijani insurance company takes antirecessionary measures

Azerbaijan, Baku, Jan. 13 / Trend U.Ismayilova /

The British - Azerbaijani insurance company Temzа Sigorta Qrupu is taking antirecessionary measures to improve financial indicators in 2010, company Chairman Samir Mustafayev said.

"We will insignificantly increase tariffs for insurance services (about 0.1-0.2 percent) to improve the company's financial situation. Thus, we intend to restore the tariff scale, which existed until 2009," Mustafayev said

According to Mustafayev, in 2009, based on the overall situation in the insurance market, the company had to slightly adjust the tariffs on its products, which consequently reduced the company's insurance fees.

"Under the antirecessionary measures our company is developing a plan on more cautious approach to selecting clients. Now the company will insure persons over 25 years old for motor insurance compared to persons of 20-22- year old early. We have also changed the choice of property as an object for insurance. Henceforth, the company intends carefully check even lines of communication, as we already faced with a case when the fire occurred because of the technical condition of power line and the company had to make a big payment," Mustafayev said

"The company will bring its minimal insurance collections to 1.2 million, which will be achieved through taking necessary measures and concluding major contracts, respectively," Mustafayev said  

In 2009, Thames Insurance Group's premiums hit 0.925 million manat with 0.75 million manat in payments compared to 1.59 million manat and 0.29 million manat, respectively in 2008. The company's premiums decreased by roughly 40 percent in 2009

The company's authorized capital is 900,000 manat

The Thames Insurance Group CJSC operates in Azerbaijan since 1996 and has shareholders both in Azerbaijan and UK. Azerbaijan's share in the company is 51 percent, which is owned by the Gala Investment and 49 percent of share belong to British Glencarron Group Limited

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