Azerbaijani insurer to automate issue of policies

Business Materials 27 December 2011 13:55 (UTC +04:00)

Azerbaijan, Baku, Dec. 27 / Trend A.Ahundov/

The only state-owned commercial insurance company of Azerbaijan AzerSıgorta plans to automate the issue of policies for all types of insurance, AzərSıgorta deputy chairman Aftandil Hajiyev told Trend on Monday.

Special software was developed by local experts and will operate from next year, Hajiyev said.

He noted that next year the company will work along the same directions as in 2011.

The main areas of activity are compulsory insurance, transportation insurance and other, Hajiyev said.

According to Hajiyev, next year the company also plans to increase its authorized capital, which is now 4.5 million manat.

"We plan to send this year's revenues, which are expected to reach one million manat, to capitalization. But we have some financial issues requiring solutions, for example, transfer of 600,000 manat to the bureau of compulsory insurance," Hajiyev noted.

According to the State Insurance Supervision Service under the Azerbaijan Finance Ministry, AzerSigorta was the leader of the country's insurance market with premiums of 24.5 million manat in January-November, 2011.

There are 28 insurance and one reinsurance company in Azerbaijan. Fidan Sıgorta and Gunay Sıgorta companies' licenses for insurance activity were suspended.

AzərSıgorta was established on the basis of the former State Insurance Board in 1992 after the collapse of the Soviet Union. It has 80 insurance agencies throughout Azerbaijan.

The official exchange rate is 0.7863 AZN/USD on Dec. 27.