Azerbaijani insurer to develop travel insurance in 2012

Business Materials 28 December 2011 16:08 (UTC +04:00)

Azerbaijan, Baku, Dec.28 / Trend, A. Akhundov /

The British-Azerbaijani Insurance Company Temza Sıgorta Qrupu plans to develop travel insurance next year, the company's board chairman Samir Mustafayev told Trend on Wednesday.

"The core of our activity will be the development of travel insurance in 2012. In parallel we will develop other types as well," Mr Mustafayev said. At present the market for this type of product is still low.

"We have just begun to develop this type. Its share in the company's collection is up to 10 per cent. Over the past years we considered this direction not very profitable, but now it has become promising," Mr Mustafayev said.

He said the development of this type of insurance is beneficial in terms of compulsory insurance of people going abroad.

According to the State Insurance Supervision Service under the Azerbaijani Finance Ministry, Temza Sığorta Qrupu collected premiums worth 0.586 million manat in January-November 2011 and paid out 0.129 million manat.

The British Glencarron Group Limited owns a 49 per cent stake in the authorised capital of Temza Sigorta Qrupu.

The firm has been operating on the Azerbaijan insurance market since 1996. Azerbaijan's shareholding is owned by the locally based and legal entity (Gala Investment).

The official exchange rate is 0.7862 manat to $1 on Dec. 28.