Azerbaijani insurance company forecasts premium growth in 2012

Business Materials 22 December 2011 17:34 (UTC +04:00)

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

Azerbaijani insurance company "Azerbaycan Senaye Sıgorta" plans to collect premiums by 10-15 per cent more in 2012 than this year, deputy chairman of the company Intigam Sayfullah told Trend on Wednesday.

"We expect fees to the amount of 6.5-7 million manat by late 2011," he said.

He said that at present, 80-90 percent of the customer base fall to the corporate sector.

He said that the company has plans to increase capital in 2012.

"We have recently raised the capital from 4.8 million to 6 million manat," he said. "As of late 2011, we expect a profit worth two million. It can be directed to increase the capital. However, there is no decision on this issue."

"Azerbaycan Senaye Sıgorta" was established by Azerbaycan Senaye Bankı in December 1996. It is a member of a group of Azersun Holding companies.

Anadolu investments affiliated with the Turkish company Anadolu Cam Investment. It specializes in the production of canned products. Anadolu investments owns 97 percent of "Azerbaycan Senaye Banki".

The official exchange rate is 0,7864 AZN/USD.