Azerbaijani-Turkish insurance company to increase premiums

Business Materials 23 November 2010 16:09 (UTC +04:00)

Azerbaijan, Baku, Nov. 23 / Trend A.Akhundov /

The Azerbaijani-Turkish insurance company Basak-Inam Sıgorta plans to collect premiums in the amount of 2.6-2.7 million manat by late 2010, General Director Orkhan Hasanov told Trend today.

In 2009, the company collected 2.44 million manat and paid 1.12 million manat.

According to the States Insurance Supervision Service under the Azerbaijani Finance Ministry the company collected 1.99 million manat and paid 1.35 million manat in January-October.

"First, we planned to collect 2.8 million manat by late 2010, but then the forecast was revised," Hasanov said.

The company plans to raise the figure to 4 million manat by late 2011.

"We are working to improve our capacity and we believe this forecast is quite feasible," Hasanov said.

According to him, the company's profit amounted to 100,000 manat for the first nine months.

"We expect the figure to reach 250,000-300,000 by late 2010," Hasanov said

Basak Inam was established in 1996 with 49 percent of share holding in the capital of Turkish insurance Basak company. Basak Inam is a joint insurance company in which shareholder is the French Investment Corporation Groupama. It became a shareholder of the company due to the purchase of 60 percent of share holding in the capital of Turksih Basak insurance company in 2006.

The official exchange rate is 0.7999 manat to $1 Nov. 23.