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UK-Azerbaijani insurance company plans to introduce new services

Business Materials 5 October 2010 11:08 (UTC +04:00)
The British-Azerbaijani Insurance Company Temza Sigorta Qrupu plans to introduce new services, the CEO Samir Mustafayev said.

Azerbaijan, Baku, Oct.5 /Trend A.Akhundov /

The British-Azerbaijani Insurance Company Temza Sigorta Qrupu plans to introduce new services, the CEO Samir Mustafayev said.

"At present, new services have already passed the development stage. We are currently working on a new site design which will reflect these new types of insurance services," Mustafayev said.

According to him, one of the new services will be travel insurance.

"We have not yet engaged in travel insurance services. In principle, other new services will be an improved version of the old services. All types of services will be updated and improved," Mustafayev said.

He said the company still has no plans to enter the life insurance market.

"It's our future plan. We now do not even think about life insurance," he said.

According to the State Insurance Supervision Service under the Azerbaijani Finance Ministry, the company collected insurance premiums amounting to 0.31 million manat in January-August and paid compensation amounting to 0.12 million manat. In 2009, the company collected premiums of 0.93 million manat, while payments amounted to 0.89 million manat. The company expects to increase the volume of premiums to 1.3-1.5 million manat by late 2010.

Temza Sigorta Qrupu is owned by the British Glencarron Group Limited (49 percent), which has operated on the Azerbaijani market since 1996, and Azerbaijani physical and legal entities, such as Gala Investment.

Official exchange rate is 0.8024 manat to $1 Oct.4.

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