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Azerbaijani insurance company to double fees in 2010

Business Materials 19 February 2010 18:00 (UTC +04:00)

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

Premiums of Azerbaijani Insurance Company Azergarant amounted to about 20.000 manat in January as compared to 70,000 manat for the same period of 2009, deputy chairman of the company Shukur Huseynov said Feb. 19. Payments were not carried out in January, whereas 10,000 manat was paid the insurance risk in early 2009.

"Although the company planned to conclude several big contracts in January 2010, their signing was postponed and served as reason for insignificant collection of premiums last month," Huseynov said.

Despite the small size of the premiums collected in January, the company still plans to increase the total amount of fees to 1.5 million manat.

Azergarant operates on the insurance market since 1993 and its shareholder one individual. The authorized capital is 2.7 million manat. In 2009 the company's premiums totaled 0.6 million manat, with 0.07 million manat in payments. Insurance fees declined by 40 percent as compared to 2008.

Feb. 19, the official exchange rate is 0.8034 manat to $1. 

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