Azerbaijan insurance company predicts ten percent growth in 2012

Business Materials 2 December 2011 15:39 (UTC +04:00)

Azerbaijan, Baku, Dec 2 /Trend A.Akhundov/

The Azerbaijan International Insurance Company (MSC), established by the Azerbaijan International Bank plans to increase insurance premiums to one million manat in 2012, CEO Sadykh Mammad Mammadov told Trend.

"At the end of 2011 we plan to collect about 12 million manat. As a result, the forecast for 2011 will exceed 1 million manat," Mammadov said.

According to Mammadov, the company expects charges in at least 13 million manat in 2012.

"We also plan to increase charter capital in 2012, but there is no founder's decision in this regard. The company's profit up to 2011 will also be sent to the capitalization," Mammadov said.

The International Insurance Company was established in 2002 and currently provides services to 32 types of voluntary and five types of mandatory insurance.

The company collected insurance premiums amounting to 10.23 million manat in January-October 2011, which exceeds the figure for the same period last year to 23.55 percent, and paid compensation of $4.87 million manat, which is 11.2 percent higher than in the first ten months of 2010.

For today MSC has the highest financial strength rating (Insurance Financial Strength Rating, IFSR) in the insurance market of Azerbaijan assigned by Moody's Investors Service at the level B2 with forecast Stable.

The official exchange rate for December 2 is 0.7865 AZN / USD.