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Azerbaijani insurance company prepares new auto insurance products

Business Materials 22 July 2011 17:52
AzSıgorta is preparing to introduce new products, Chairman Abbas Babayev said.

Azerbaijan, Baku, July 22 / Trend, A.Akhundov /

AzSıgorta is preparing to introduce new products, Chairman Abbas Babayev said.

"Auto insurance and property insurance are interesting for the market and given the demand, new products are being introduced," Babayev said.

They are planned to be launched in 2011, Babayev said.

He said the company expects to increase premiums by 10-12 percent this year.

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

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

Babayev said the premiums are planned to increase by attracting new
customers.

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

AzSıgorta was founded in November 2006. The company's employs are over 180 persons. It provides services on 32 voluntary and five types of compulsory insurance.

The official exchange rate is 0.7865 manat to $1 on July 22.

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