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Azerbaijani insurer predicts almost fivefold increase in premiums

Business Materials 11 September 2012 18:39 (UTC +04:00)

Azerbaijan, Baku, Sept 11 /Trend A.Akhundov/

Azerbaijani insurance company Buta Sığorta plans to collect premiums worth $3 million by the end of the year, company chairman Abbas Babayev told Trend on Tuesday.

According to the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, charges of the company (then it was called Temza Sığorta Qrupu) totaled 0.61 million manat in 2011, 0.57 million manat - in January-July 2012.

He noted that the company will pay more attention to the development of retail.

"We hope to develop car insurance while working with individuals, health insurance - with corporate clients. The company is working on new products for these types, they will be presented next month," Babayev said.

He noted that the company intends to expand its customer base through customer network of its new shareholders (Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq which own a 19 per cent share each and NAB Holding with a five per cent of participation).

Previously the owner of 49 per cent stake in the company's capital was the British Glencarron Group Limited. Temza Sığorta Qrupu has operated in the insurance market of Azerbaijan since 1996. The Azerbaijani share of participation was owned by the individual and legal entity, Gala Investment.

Official exchange rate on Sept 11 is 0.7852 AZN/USD

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