Azerbaijani Insurance Company intends to up fees in 2011

Business Materials 26 October 2010 14:06 (UTC +04:00)

Azerbaijan, Baku, Oct. 26 / Trend A.Akhundov /

The Azerbaijan International Insurance Company (IIC) plans to raise premiums up to about 11 million manat in 2010, Company CEO Feyruz Novruzov said.

"The company's insurance fees totaled 7.89 million manat and payments 3.84 million manat for the first nine months of 2010. We plan to collect about 10.5-11 million manat by late 2010," Novruzov said.

Novruzov said this forecasted may be fulfilled.

"If we take into account the fact that we have collected about 8 million manat since early 2010, the execution of such a forecast is realistic," Novruzov said.

The company expects to raise the volume of premiums up to 14-15 million manat in 2011, he said.

"We are entering a post-crisis period and the situation began to improve," he said. "Under our optimistic assumptions, we can collect 14-15 million manat premiums by late 2011. The global financial crisis had a negative impact on our company. Our fees dropped by about 15-20 percent compared to 2009. We can look to the future with optimism after the crisis."

Novruzov also sees a need to increase the company's authorized capital at this time.

"The company's authorized capital is 8.8 million manat, however, we need to increase it," Novruzov said.

IIC was established by the International Bank of Azerbaijan (IBA) and passed the registration on Feb. 5, 2002. The company has been operating as a licensed insurance company since April 2002. The company currently provides high quality services on 37 types of voluntary and compulsory insurance.

The official exchange rate is 0.8010 manat to $1 Oct. 26.

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