Anglo-Azerbaijani Insurance Company pins great hopes on new product in travel insurance

Business Materials 21 July 2011 17:50 (UTC +04:00)

Azerbaijan, Baku, July 21 / Trend A. Akhundov /

The British-Azerbaijani Insurance Company Temza Sıgorta Qrupu launched a new product in the field of travel insurance called Cetir together with "Azerbaijan Airlines" (AZAL), chairman of the company's board Samir Mustafayev told Trend.

He said that the product envisages all risk coverage for individuals traveling abroad.
"This project is not very popular because it has just started," he said. "But I think that it will be popular in the future because AZAL already places the advertising of this product."
He said that the reinsurer for this type of insurance is one of the world leaders - the British company Sirius.

"We have high hopes for this project because it benefits all," Mustafayev said.

He said that this product will increase the fees of the company by 20 percent in compared to last year.
The company plans to collect 1 million manat by late 2011, Mustafayev said.

According to the State Insurance Supervision Service under the Azerbaijani Finance Ministry, the company collected premiums worth 0.83 million manat in 2010. It collected 0.34 million manat and paid 82,200 manat in the first half of 2011.

British Glencarron Group Limited owns a 49 percent stake in the authorized capital of Insurance Company Temza Sigorta Qrupu. Temza Sigorta Qrupu has been operating on the insurance market of Azerbaijan since 1996. Azerbaijan's share holding is owned by the local physical entity and legal entity (Gala Investment). The authorized capital is 0.9 million.