Azerbaijani insurance company exceeds forecast of premium collection in 2010

Business Materials 5 January 2011 14:14 (UTC +04:00)

Azerbaijan, Baku, Jan. 5 / Trend U. Ismayilova /

Azerbaijani Alfa Sigorta insurance company collected roughly 2.5 million manat during 2010, Chairman of the Board of Directors Khayal Mammadkhanli said today.

"In early 2010, the company predicted to collect premiums worth 2 million manat," he said.

He said that the company expects to collect at least 3 million manat in 2011.

Alfa Sigorta's plans for this year include creating a number of insurance programs and packages for car insurance, health insurance and insurance of agriculture and farmers. It also plans to increase retail sales in the regions.

"In 2011, the company plans to open the biggest office in Sumgait," he said.

A representative office was opened in Sheki in Dec. 2010. At present, Alfa Sigorta has five offices and one regional office in Lankaran.

The company's plans also include getting the first credit rating, which will apply on one of the international rating agencies this year.

Alfa Sigorta was founded by Texnikabank, which bought a 100 percent stake in the company in Dec. 2006. Alfa Sigorta is licensed to provide 30 kinds of insurance services, including 6 compulsory and 24 voluntary. Its authorized capital is 3.1 million manat.

The official exchange rate is 0.7977 manat to $1.