Azerbaijani insurance company to join five market leaders

Business Materials 14 May 2012 17:47 (UTC +04:00)

Azerbaijan, Baku, May 14 / Trend A. Akhundov /

The Azerbaijani insurance company Qarant Sıgorta plans to join the top five leaders on the country's insurance market, Chairman of the Board Fuad Allahverdiyev told media today.

"According to a three-year strategy, we intend to join the top five leaders of the insurance market of the country," Allahverdiyev said.

He said that the company has successfully completed the first quarter, by increasing the amount of premiums by 62 percent compared to the same period of last year.

"We have collected premiums worth 1.76 million manat in the first quarter," he said. "Fees were ensured, mainly due to the voluntary motor insurance, property insurance and other kinds."

He said that during the reporting period the company paid compensation worth 357,900 manat, which is 27 percent more than last year.

"Taking into account the current tendency, we plan to collect more than 10 million manat this year," he said.

The Qarant Sıgorta insurance company received a licence for insurance trading at the Azerbaijani Finance Ministry in November 2007. The company is part of ZQAN Holding.

The official exchange rate is 0,7859 AZN/USD on May 14.