Azerbaijan, Baku, April 3 / Trend I. Khalilova /
The International Insurance Company has concluded 320,650 insurance contracts over its 10 years of activity, Chairman Mammad Sadih Mammadov said during the celebration of the 10th anniversary of the company's establishment.
"The insurance premiums totaling to 84.2 million manat have been collected on these contracts," he said.
During this period the compensation amounting to about 24.8 million manat have been paid on 53,093 insurance claims.
"The company is one of the leading insurance companies in the country," he stressed. "Last year the company collected premiums worth 12.1 million manat by paying compensation worth 5.7 million manat, by taking the fifth place in terms of insurance fees in the private sector of the insurance market and third place on insurance benefits."
The fact that the number of employees has increased from 5 to 146 is significant, he said.
"The presence of the International Insurance Company among the largest and most progressive insurance companies," he added.
IBA Deputy Chairman Emil Mustafayev said the great potential in the country's insurance market over 10 years is the result of confidence in the international insurance company.
"However, the Azerbaijani insurance market has great potential for development," Mustafayev said. "This is the result of economic achievement, development, support made to develop banking and insurance sectors, strengthen staff potential and develop information technologies."
He said that the International Bank of Azerbaijan (IBA) takes all necessary steps to master potential in the insurance market. The International Insurance Company was established in February 5, 2002 with a capital of 4.8 million manat, but today this figure has
increased to 8.8 million manat.
The International Insurance Company has begun rendering 25 types of insurance since April 2002 on the basis of a license of the Finance Ministry.
The official exchange rate is 0,7863 AZN/USD on April 3.