Azerbaijan, Baku, Dec 13 /Trend A.Akhundov/
Azerbaijani company Standard Insurance expects premiums to grow by 50 to 70 per cent in 2012, deputy chairman of the company Aydin Rakhmanov told Trend.
Standard Insurance Company collected premiums worth 8.44 million manat and has paid compensation amounting to 2.07 million manat in January-October 2011, according to the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan. The fees amounted to 8.62 million manat and payments amounted to 2.22 million manat in 2010. The company plans to collect 12 million manat by the end of 2011.
Mr Rakhmanov added that the company's development strategy will not change in 2012. "Next year the company intends to develop retail products. We'll do this through agencies and offices."
He said that mandatory insurance will bring about an increase in the volume of business in 2012. The development plan will be in the direction of property, car and health insurance.
"New products will be developed, mainly in the direction of the automobile and property insurance," he said.
One of the largest insurance companies of Azerbaijan, Standard Insurance has been on the market since 2002. The company provides 28 types of insurance services.
Official exchange rate on Dec 13 is 0.7864 AZN/USD.