Guarantees insured on Azerbaijani insurance market
Azerbaijan, Baku, July 31 / Trend I. Khalilova /
Azerbaijani Insurance Company OJSC "Alfa Sigorta begins to introduce insurance guarantees for the first time on the insurance market, "Alfa Sigorta" insurance company Board of Directors chairman Khayal Mammadkhanli said.
"This is a new type of insurance on the Azerbaijani insurance market. We received a license from the Ministry of Finance", Mammadkhanli said.
"This type of insurance is called extended warranty insurance. It can be applied in case of import of vehicles into the country. In this case it is impossible to obtain guarantees from dealers operating in the country," Mammadkhanli said.
Today, "Alfa Sigorta" has license to provide 30 kinds of insurance services, including six types of mandatory and 24 voluntary. Property insurance, motor vehicle accidents, agricultural risks, cargo, medical insurance are widely used.
"We are currently working to improve the rules of providing insurance services and bringing them to international standards", "Alfa Sigorta" board of directors head said.
It is planned to conclude insurance contracts in on-line regime. It will reduce visits of policyholders of the company by 70-80 percent.
The founder of OJSC "Alfa Sogorta" is local OJSC Texnikabank, which in December 2006 bought 100 percent of the company.
Following six months, the company's assets were formed at 5 093.07 manat. Authorized capital is 3.1 million manat. Book profit for the first six months amounted to 484,000 manat.
At the end of June, the company collected premiums worth 1 156.389 manat, and the payment amounted to 97.650 manat. For six months the company signed 10,351 insurance agreements.
On July 31, the official exchange rate is 0.8036 manat to $1.