Azerbaijani state insurance company predicts 8-percent growth in premiums
Azerbaijan, Baku, June 3 / Trend A.Akhundov /
The only state-owned commercial insurance company AzərSıgorta plans to raise premiums up to 26 million manat in 2011, AzərSıgorta Deputy Chairman Aftandil Hajiyev said.
The State Insurance Supervision Service under the Azerbaijan Finance Ministry reported that the company's premiums amounted to 24.19 million manat with payments of 10.71 million manat in 2010. The company collected premiums amounting to 7.047 million manat with payments of 3.216 million manat in January-April.
Hajiyev said that the bulk of premiums fell to property insurance (particularly against fire risks), liability insurance, and accident insurance.
"Basically, we are working with the population," Hajiyev said.
The company provides 28 kinds of insurance services. The company opened its branches and representative offices in all regions of the country.
Hajiyev did not rule out the possibility of increasing the authorized capital of the company, which now amounts to about 4 million manat.
AzərSıgorta was established on the basis of the former State Insurance Board in 1992 after the collapse of the Soviet Union. It has 80 insurance agencies throughout Azerbaijan.