Azerbaijani insurance company plans to increase premiums by 40 percent
Azerbaijan, Baku, Sept.27 / Trend, A. Akhundov /
Azerbaijani insurance company Pasa Sıgorta Ltd. plans to collect insurance premiums worth roughly three million manat in September, the chairman of the company's board, Nofel Rzayev, said.
"This amount will be achieved thanks to the renewal of old and signing of new contracts," Rzayev said. "In September, a serious increase in premiums on oil contracts is expected," he added.
Rzayev said it is expected to sign a contract on the Chirag oil project before the end of the month, where Pasha Sıgorta will act as a local insurer.
"August-September is traditionally a period of renewal and prolongation of contracts. This is the normal course of business," he said.
He said in August the company collected over 2.5 million manat.
According to a report by the State Insurance Supervision Service of the Ministry of Finance of the Republic of Azerbaijan, in January-August total insurance collections of the Pasa Sıgorta Company totaled 7.08 million manat, while payments were 1.59 million manat. At the expense of incomes in September, the total amount of the company's premiums exceeds 10 million manat, while forecasts for late 2010 comprised 10.5 million manat.
Pasha Sıgorta has been selected as a local insurance partner of the Chirag oil project (COP), which envisages an increase in oil production at the Azeri-Chirag-Guneshli offshore field, Rzayev said earlier.
The company already serves as a local insurance partner of the Shah Deniz and Baku-Tbilisi-Ceyhan projects.
At present development of the insurance part of the project is being conducted jointly with the U.S. insurance broker Marsh, and by Oct.1 it is expected to issue all insurance policies, he said.
Pasa Sıgorta was certified in London as a strategic local insurance partner in July 2008.
The joint agreement between the insurer and operator of oil and gas projects, BP, stipulatess a process of registration of insurance policies on covering of operating risks, risks on liability and terrorism, and the risks on property in the projects of development of the block of the oil fields Azeri-Chirag-Guneshli and gas condensate field Shah Deniz, and the risks on exploitation of the Baku-Tbilisi-Ceyhan pipeline.
Pasa Sıgorta acts in partnership with the broker company Marsh and leading international reinsurance companies.
Pasha Sıgorta is a member of the group Pasha Holding. It offers 30 types of insurance services to corporate and individual clients. The company authorized capital hits 20 million manat. With total assets worth 28 million manat Pasha Sıgorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time, one of the highest figures of the profitability in the country's insurance sector.
Pasha Sıgorta has been certified by Moody's as having attained the ISO 9001: 2000 standard since 2007. Pasa Sıgorta is also a participant to the UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.
On Sept. 27, the official exchange rate is 0.8029 manat to $1.