Azerbaijani insurance company plans to increase fees in 2011

Business Materials 14 July 2011 15:59 (UTC +04:00)

Azerbaijan, Baku, July 14 / Trend A. Akhundov /

The Azerbaijani A-Qroup Insurance Company is a leader in health insurance in the country. It plans to increase fees by 5 percent in 2011 compared to last year, Chairman Anar Bayramov told Trend.

"We plan to collect premiums to the amount of 7.5 million manat, or 5 percent more than last year," Bayramov said.

He said that the company exceeded the budget forecast by 10 percent as of six months.

According to State Insurance Service, the premiums in Jan-May amounted to 5.3 million manat with payments worth 2.2 million manat.

Bayramov said that about 80 percent of the company's portfolio fall to health insurance.

A-Qroup was established in 1995. It provides services in three types of compulsory and 14 types of voluntary insurance.

The official exchange rate is 0.7865 manat to $1.