Azerbaijani insurer to continue working with corporate sector

Business Materials 28 December 2011 16:41 (UTC +04:00)

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

The British-Azerbaijani Insurance Company Temza Sıgorta Qrupu plans to collect about one million manat in 2012, chairman of the company's board Samir Mustafayev told Trend on Wednesday.

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

Until the end of 2011 we plan to collect about 800,000 manat, Mr Mustafayev told
Trend. He said that the company has no plans to join the bureau on compulsory insurance in 2012.

Currently about 80 per cent of our customers are corporate customers. Next year we will develop our work in this direction, he said. He added that individuals, who are the company's customers, are insured by hull insurance.

"Individuals come primarily to insurance companies through the banks. The principle of minimum cooperation with banks was a policy conducted by our company from our first day. Cooperation with individuals does not prove itself, it is only temporary income, Mr Mustafayev said.

British Glencarron Group Limited owns a 49 per cent stake in the authorised capital of Insurance Company Temza Sigorta Qrupu.
Temza Sigorta Qrupu has been operating on Azerbaijan's insurance market of Azerbaijan since 1996. Azerbaijan's shareholding is owned by Gala Investment.
The official exchange rate is 0,7862 AZN/USD.