Azerbaijani insurance company to develop long-term development strategy in 2012
Azerbaijan, Baku, July 30/ Trend, A.Badalov /
Azerbaijani insurance company Qarant Sigorta plans to increase premiums to 8-9 million manat by late 2011, deputy board chairman Fuad Allahverdiyev said at a news conference on Friday.
"It is our goal and we will do our best to achieve this target," Allahverdiyev said
For the first six months of 2011 the company collected premiums worth about 3 million manat.
Allahverdiyev said during the first half of 2011 the company's branch network has been expanded. Thus, the Yasamal branch, the "Genjlik" branch and a branch in Sumgait were opened in February. It is planned to open several more branches in the near future.
"The work in this direction is underway, research is conduct, and it is expected to open at least another three branches in the second half-year, in particular in the country's regions," Allahverdiyev said.
He said it is planned to develop a strategic development plan in the second half of 2012, under which the total capital will increase, new insurance products will be developed, as well as new company structures will be created. He did not rule out the possibility of preparation strategy for the longer term, although it was previously supposed that it will be designed for 3-4 years.
Qarant Sigorta got license for insurance activity in November 2007 from the Azerbaijani Finance Ministry. Qarant Sigorta is part of ZQAN Holding.
The official exchange rate is 0.7866 manat to $1 on July 30.