Azerbaijani insurance company predicts fees doubling

Business Materials 14 September 2012 12:26 (UTC +04:00)

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

Azerbaijani insurance company Alfa Sıgorta predicts doubling of fees by late 2012, new head of Alfa Sıgorta board of directors Elshad Aliyev told Trend on Thursday.

"Taking into account the pace of growth, the company's fees will exceed the last year's index by twice," Aliyev said.

According to the State Insurance Supervision Service under the Finance Ministry, the company collected premiums worth 3.05 million manat in 2011 and in January-July 2012, 3.67 million manat. Aliyev said the company plans to continue the capitalisation process.

"We plan to increase the authorised capital by around two million manat and register a new prospectus in late 2011 or early 2013," Aliyev said.

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

The official exchange rate is 0.7852 AZN/USD on Sept. 13.