Azerbaijan, Baku, Oct. 11 / Trend A.Akhundov /
The Azerbaijani Insurance Company OJSC Alfa Sıgorta plans to collect premiums amounting to two million manat by late 2010, Alfa Sigorta Chairman of the Board Khayal Mammadkhanli said today.
"The figure is already about 1.7 million manat. I think we will be able to collect the remaining 300,000 by late 2010," Mammadkhanli said.
By 2015 the company plans to increase the amount of collections by 20-30 percent annually, he said.
"We plan to increase the amount of collections by 20-30 percent annually, in the near future, in accordance with the company's strategic plan for 2011-2015," Mammadkhanli said.
Based on the State Insurance Supervision Service's data, Alfa Sıgorta collected premiums worth 1.58 million manat in January-August 2010, and paid compensation amounting to 0.13 million manat. In 2009, the company collected 0.93 million manat and paid 0.26 million manat.
According Mammadkhanli, the company will increase the collections mainly at the expense of car insurance.
"The main part of our portfolio fells to car insurance, insurance of loans of different categories and so on," Mammadkhanli said.
However, he said, the company plans to increase its portfolio share in other services in 2011.
"Introducing special new products on health insurance and cargo insurance, we plan to increase the share of these services in 2011," Mammadkhanli said.
OJSC Alfa Sıgorta was founded by the local OJSC Texnikabank, which bought 100 percent stake in the company in December 2006.
Alfa Sıgorta is licensed to provide 30 kinds of insurance services, including six - compulsory and - 24 voluntary. The authorized capital of the company amounts to 3.1 million manat.
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