Azerbaijan insurance company increases taxes more than doubled

Business Materials 29 July 2011 17:37 (UTC +04:00)

Azerbaijan, July 29 /Trend/ A.Badalova

The Azerbaijani insurance company Qarant Sigorta has insurance premiums in the amount of 3 million manat during the first six months, deputy chairman of the company's board of directors Fuad Allahverdiyev said at a news conference on Friday.

Insurance payments were carried out in the volume of 610,515 manat in this for period, or up by 42 percent over the same period of last year.

"The current insurance premiums increased twice this year. Voluntary insurance grew by roughly 40 percent," Allahverdiyev said.

According to Allahverdiyev, the company collected 448,122 manat in premiums from compulsory insurance, which is by 17 percent more than in the first half of 2010.

Collection on voluntary insurance remained unchanged during this period in the volume of 2.5 million manat, Allahverdiyev added.

The company's tax payments increased by 248 percent. The company paid to the state budget 219,057 manat in the first half of this year.

Qarant Sığorta insurance company was issued a license by the Ministry of Finance of Azerbaijan for insurance activity in November 2007. Qarant Sığorta is a part of the ZQAN Holding.

The official rate was 0.7866 AZN per USD on July 29.