Azerbaijani insurer plans to increase charges by quarter

Business Materials 3 April 2012 23:45 (UTC +04:00)

Azerbaijan, Baku, April 3 / Trend A.Akhundov /

Azerbaijan International Insurance Company (IIC) is planning to raise premiums in 2012 by a quarter more than last year, chairman of the company Mamedsadykh Mamedov told Trend on Tuesday.

"In 2011 we collected premiums worth 12 million manat, this year we plan to collect at least 15 million manat," Mammadov said.

The International Insurance Company was established in 2002. It renders services on 32 types of voluntary and five types of mandatory insurance. Today, the company has the highest Insurance Financial Strength Rating in the insurance market of Azerbaijan assigned by Moody's Investors Service at "B2" with "stable" forecast. In addition, the IIC for the first time in the insurance market of Azerbaijan has introduced online-sale of insurance policies through the web-site www.iic.az. The company has branches in Ganja, Sumgait and Sheki.

In 2011, the company collected insurance premiums amounting to 12.4 million manat, which is higher than the same period of the previous year by 21.8 percent, and paid compensation of 5.69 million manat, which is 10.7 percent more than in 2010.

Both in terms of the volume of insurance premiums and the amount of compensation the company is among leaders of the country's insurance market. The IIC's share accounted for 5.82 percent of premiums collected by all the market in 2011 and 9.23 percent of payments.

The growth of the company's premiums continued in 2012. In January-February, the company collected 2.546 million manat, improving the figure of the first two months of last year by 16.84 per cent, paid compensations at 1.061 million manat, which is 17.63 percent more than the same period in 2011.

The official exchange rate is 0.7863 AZN to $1 on April 3.