Azerbaijani insurance company keeps last year's forecast on premiums

Business Materials 20 July 2011 17:17 (UTC +04:00)

Azerbaijan, Baku, July 20 / Trend, A. Akhundov /

Azerbaijani insurance company Pasha Sıgorta plans to collect premiums totaling $10.5 -11 million manat this year, the company's board chairman Nofel Rzayev said. Last year the company forecasted the same volume of premiums, but eventually premiums was collected at 13.05 million manat.

"There are several major construction projects that are scheduled to begin this year in Azerbaijan. Being the number one company in the sphere of insurance of engineering and construction risks in Azerbaijan, we hope to get the risks on these projects, in this case premiums will rise even more," Rzayev said.

He said the company does not set task to rise in the rankings of companies in terms of premiums.

According to the State Insurance Supervision Service under of the Azerbaijani Finance Ministry, the company's premiums in the first half-year amounted to 3.671 million manat, while payments - 1.087 million manat. Compared to the same period of last year, premiums decreased by 6.11 percent, compensation rose by 0.65 percent.

Pasa Sıgorta, a member of Pasa Holding, was registered on March 3, 2006. It provides services to corporate and individual clients on 30 types of insurance. The authorized capital amounts to 30 million manat. Pasa Sıgorta is a leader in terms of the capitalization volume in country's insurance market.

The official exchange rate is 0.7864 manat to $1 on July 20.