Azerbaijani insurance company plans to up fees by 10-12 percent in 2011

Business Materials 22 July 2011 18:47 (UTC +04:00)

Azerbaijan, Baku, July 22 / Trend A. Akhundov /
The Azerbaijani Insurance Company AzSıgorta plans to increase fees by 10-12 percent in 2011, the chairman of the company's board Abbas Babayev said.

"Last year we collected 15.6 million manat," he said. "This year we plan to collect 17-18 million manat."

According to the State Insurance Supervision Service under the Azerbaijani Ministry of Finance, the company collected premiums amounting to 6.456 million manat and paid 1.022 million manat in the first half of the year.

Babayev said that the fees will increase by attracting new customers.

"We have increased fees on CASCO, cargo insurance, property insurance and other types," Babayev said.

AzSığorta was founded in November 2006.