Azerbaijani state insurance company intends to increase share of taxes in GDP

Business Materials 11 March 2010 16:00 (UTC +04:00)

Azerbaijan, Baku, March 11 / Trend U.Ismayilova /  

The main task of the only state commercial insurance company in Azerbaijan - JSC "Azersigorta" is to increase the proportion of insurance fees in relation to the total GDP of the country in 2010, Azersigorta Chairman Mammad Mammadov said in an interview that was posted on the ruling New Azerbaijan Party's official website.

"This will be achieved through expansion of the company, by providing full insurance services, as well as creating additional social security," he added.

Based on its plans, the company appealed to the management of enterprises and organizations and subjects of business for insurance on the most relevant products - against fire, earthquakes, natural disasters and other unexpected situations. The company provides all insurance services in its regional offices located throughout the country. Azersigorta has the most extensive branch network in the country's insurance market with 80 branches, he said.

State Insurance Company AzerSigorta was founded in 1992. After the collapse of the Soviet Union, it was set up on the basis of former state insurance board. It has 80 insurance agencies in all cities and districts of the republic.

The company renders services to 10 mandatory and 27 voluntary types of insurance. As a result of activity in 2009, the company became the leader among all companies with premiums worth 26.5 million manat and payments of 12.22 million manat.

March 11, the official exchange rate is 0.8034 manat to $1.

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