Azerbaijani insurance company’s new management does not plan great activity in market

Business Materials 15 September 2012 13:51 (UTC +04:00)

Azerbaijan, Baku, Sept. 15 / Trend A. Akhundov /

The new management of the Azerbaijani insurance company Alfa Sıgorta does not plan to strengthen the company's positions in the insurance market of the country yet, new head of the company's board of directors Elshad Aliyev told Trend on Thursday.

"At present, we do not aim at changing the company's structure," he added. "We need to improve the current situation, to strengthen the human resource capacity, to attract skilled employees from the insurance market. We improve the level of service. We do not plan great activity in the market by late 2012."

The entire management of the company was changed in September. New heads of the board of directors and the board were appointed. These appointments were made due to the new development strategy of Alfa Sıgorta and its founder - Azerbaijani "TexnikaBank". Special attention is paid to the development of infrastructure, introduction of new technologies and standards of corporate governance.

"The company has quite a healthy portfolio in all areas except health insurance," he said. "However, we are not going to deal with the health insurance in the near future. We plan to develop in all the other types, but from early 2013."

He said that at present, the bulk of the company's portfolio falls to accident insurance, compulsory liability insurance of vehicle owners and voluntary car insurance.

"I do not see Alfa Sıgorta as a company devoted to any particular clients," he said. "We plan to work on all spheres with retail and the corporate sector."

Alfa Sıgorta is a subsidiary of "TexnikaBank". It was established in 1997. It is one of the oldest companies in the Azerbaijani insurance sector.

The official exchange rate is 0.7853 AZN/USD on Sept. 15.