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Azerbaijani-Turkish insurance company increases collections by more than 7 percent

Business Materials 26 January 2011 13:12
Premiums of the Azerbaijani-Turkish insurer Basak-Inam Sigorta in 2010 amounted to 2.534 million manat, with payments worth 1,516 million manat, the company said.

Azerbaijan, Baku, Jan. 26 / Trend U. Ismayilova /

Premiums of the Azerbaijani-Turkish insurer Basak-Inam Sigorta in 2010 amounted to 2.534 million manat, with payments worth 1,516 million manat, the company said.

During last year the company's premiums increased by 7.38 percent, while payments 33.74 percent.

In summary terms, they increased by 174.148 manat and 382,690 manat respectively.

The company's collections on the Voluntary Comprehensive Insurance of Motor Vehicles (CASCO) amounted to 707,840 manat (17.38 percent increase), with payments 552,170 manat (4.23 percent); on fire insurance with premiums 585,210 manat (5.08 increase), with payments 613,180  manat (in 5.1 times); individual insurance and disease - 752,680 manat (2.42 percent ), without payments; health insurance - 330,570 manat (9.3 percent) with payments at 295,540 manat (8.7 percent decrease)

"The company has put quite aggressive goals for 2011 to increase charges to 40 percent. We believe that we have a great potential for the realization of this goal," the board chairman assistant Hikmet Allahverdi said earlier.

Basak Inam was established in 1996. The company's shareholder is the French Investment Corporation Groupama. The company renders 31 insurance services. The company's authorized capital is 3.2 million manat

The official exchange rate is 0.7974 manat to $1 on Jan. 26.

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