Azerbaijani insurer plans to develop retail in 2012

Business Materials 18 January 2012 14:50 (UTC +04:00)

Azerbaijan, Baku, Jan.18 / Trend A.Akhundov /

The Azerbaijani Amrah Sigorta plans to develop traditional types of insurance in 2012, Chairman Emil Agasiyev told Trend on Wednesday.

"Our traditional types are vehicle insurance, property insurance, and travel insurance," Mr Agasiyev said.

He said the company will also work on compulsory types of insurance that it hasn't yet worked with in 2012. Amrah Sigorta has already appealed to the Finance ministry for permission to join the bureau on compulsory insurance.

The bureau was established in Azerbaijan in accordance with the requirements of the law "On compulsory types of insurance."

The law regulates four types of compulsory insurance -- real estate, liability of owners of vehicles, passenger insurance and liability insurance while touching on real estate. Insurance companies started using the law since December 16, 2011.

Amrah Sigorta plans to get permission for all types of insurance except compulsory passenger insurance.

Amrah Sigorta was founded by two individuals and has operated in Azerbaijan since 1993.

The official exchange rate is 0.7862 AZN to $1 on Jan.18.