Azerbaijan, Baku, May 23 / Trend, A.Akhundov /
Azerbaijani insurance company
Basak-Inam Sigorta Sirketi plans to increase number of its branches from current two to five branches in the country's regions, the company's director general Orkhan Hasanov told Trend on Friday.
"Our goal is to increase number of branches to five. A branch will be opened in Khachmaz soon, and we plan to open two more branches in Lankaran and Zagatala," Hasanov said.
At present, the company has branches in Ganja and Beylagan.
According to Hasanov, Basak-Inam Sigorta Sirketi plans to make agriculture the company's priority. Therefore, new branches are mainly opened in the country's regions.
"At present, we are working on agriculture. Though it is not new product for the Azerbaijani market, no company is engaged in this sphere. Therefore, we plan professionally enter this market," he said.
Hasanov underscored that last month the company launched a product of insurance of tourists going abroad.
Basak Inam was established in 1996 with a 49 percent capital share holding stake in Turkish insurance Basak Company. Basak Inam is a joint insurance company with the French Investment Corporation Groupama as shareholder. The remaining 51 percent belongs to Azerbaijani shareholders, which include "TuranBank", "AzerTurkBank", "Aqrarkredit" and other physical entities. The company renders 31 types of insurance services.
According to the State Insurance Supervision Service under the Azerbaijani Finance Ministry, the company's premiums amounted to 2.6 million manat in 2010, while payments - 1.5 million manat, in January-April 2011 premiums reached 1.086 million manat, while payments - 0.359 million manat.
The official exchange rate is 0.7900 to $1 on May 23.