Azerbaijan, Baku, Sept. 4 / Trend A. Akhundov /
Along with the obligatory types of insurance, Azerbaijani insurance company Azerbaycan Senaye Sıgorta intends to continue developing voluntary types, deputy chairman of the company Intigam Seyfulla told Trend on Monday.
"At present, the priority is to develop compulsory kinds, but we have not forgotten the voluntary kinds," he said. "We instruct insurance agents to sell products on such voluntary type as car insurance (CASCO), cargo and liability insurance."
Today, the company implements 80 to 90 per cent of its sales through insurance agents.
"Joining the bureau on compulsory insurance affected the structure of the company's portfolio," he said. "The increase in the share of compulsory kinds of insurance will be more significant by late 2012. Today, the company collects most of its premiums on cargo, medical and property insurance."
Azerbaycan Senaye Sıgorta became the twelfth company to join the Compulsory Insurance Bureau, established in accordance with the law on 'Compulsory kinds of insurance'.
The law regulates four types of compulsory insurance - real estate, liability of owners of vehicles, passenger insurance, public liability insurance while exploiting real estate. The insurance companies have started using the law since December 16, 2011.
Azersıgorta received a permission to engage in all types of insurance except passenger.
By the end of 2012, the company plans to accumulate the same amount of insurance premiums by late 2012 to the same level as in 2011 - 6.694 million manat.
The share of physical entities will increase among the company's clients after the development of compulsory kinds of insurance. Today 80-90 per cent of the company's customer base falls to the corporate sector.
Azerbaycan Senaye Sıgorta was established by the Azerbaycan Senaye Bankı in December 1996 and is a member of Azersun Holding Group of Companies. In 2010, the bank sold a half of its shares to the Azerbaijani company Anadolu Investments.
Anadolu Investments is affiliated with the Turkish company Anadolu Cam Investment, which specialises in the production of canned products. Anadolu Investments owns 97 per cent of the Azerbaycan Senaye Banki.
The official exchange rate is 0.7853 AZN/USD on Sept. 3.