Azerbaijani insurer to continue work with individuals in 2012

Business Materials 6 January 2012 16:09 (UTC +04:00)

Azerbaijan, Baku, Jan.6 / Trend A.Ahundov /

Azerbaijani insurance company Gunay Sığorta will continue work with private individuals in 2012, the company's deputy board chairman Ilham Amiraslanov told Trend on Friday.

"The share of corporate segment in our customer base doesn't even reach 10 per cent. We will also continue work with private individuals," Mr Amiraslanov said adding that work with corporate customers requires higher financial indicators.

"We do not pay commission charges to middlemen and agents without whom it is difficult to develop this direction. However if a company can afford to pay off commission charges at a 20 to 25 per cent rate from each deal there will be more chances to work with corporate customers," Mr Amiraslanov said.

The total capital of the company amounts to around 3.038 million manat. According to the minimum requirement of the Azerbaijani finance ministry insurance companies' capital should amount to three million manat as of Jan.1, 2011 and to four million manat as of early 2012.

"We have to increase total capital up to four million manat this year and we work to increase it by 1-1.5 million manat. It will be achieved using founders' funds," Mr Amiraslanov said.

The only shareholder of Gunay Sıgorta, operating since 1992, is an Azerbaijani joint stock bank Gunay Bank.

The official exchange rate is 0.7864 AZN/USD.