New player in Azerbaijan’s insurance market consolidates its position in market
Azerbaijan, Baku, April 30 / Trend, A.Akhundov /
A new player in Azerbaijan's insurance market -- Royal Sıgorta --plans to collect 400,000-500,000 manat in 2012, Chairman of the Board Nusrat Babayev told Trend on Monday.
The State Insurance Supervision Service at the Finance Ministry issued a five-year license for insurance activities to Royal Sıgorta on Dec.28, 2011. Royal Sıgorta passed state registration on Oct.11, 2011.
According to the State Insurance Supervision Service, the company collected 16,000 manat in the first quarter.
"This year, we plan to collect about half a million manat, and perhaps more," Babayev said.
He said in the first quarter, the company has done much to consolidate its market position.
"We launched a website, signed an agreement with travel, assistant companies, conducted work on the organization and improvement of work quality," Babayev said.
He said until the company sees no need to raise authorized capital, which now stands at 5.5 million manat.
The founders of the insurance company are five physical entities.
The official exchange rate is 0.7862 manat to $1 on April 30.
