Azerbaijani insurer expects a doubling of premiums

Business Materials 31 August 2012 14:28

Azerbaijan, Baku, Aug 31 /Trend A.Akhundov/

Azerbaijani-Turkish insurance company Başak İnam Sığorta plans to collect premiums worth six million manat in 2012, director of Business Development Department Hikmet Allahverdiyev told Trend on Friday.

According to the State Insurance Supervision Service under the Ministry of Finance, the company's charges totalled 2.873 million manat in 2011 and 1.76 million manat - in January-July 2012.

"The company's priority is still the development of agricultural insurance, but fees for this type declined this year. This is due to the fact that we were not able to update some of the major contracts signed last year" Allahverdiyev said.

Today, the company's portfolio is mainly formed through auto and property insurance.

Başak-İnam Sığorta Şirkəti has been operating in the insurance market of the country since 1996. Some 19.95 per cent of the shares are owned by Zamin bank, 48 per cent account for individuals, Groupama Sigorta A.Ş. (Turkish subsidiary of the largest insurance companies in Europe Groupama) - 17 per cent, Turanbank - 8.5 per cent, AzerTürkBank - six per cent of the non-bank credit organisation and Aqrarkredit - less than one per cent.

Official exchange rate on Aug 31 is 0.7853 AZN/USD