Azerbaijan, Baku, Jan. 7 / Trend A. Akhundov /
Azerbaijani life insurance company Qala Heyat plans to collect premiums worth seven million manat in 2013, the company's cahirman Asgar Alakbarov told Trend today.
According to the State Insurance Supervision Service under the Azerbaijani Ministry of Finance, the company collected 6.08 million manat in January-November 2012. Payments hit 0.12 million manat. The indices reached 4.56 million manat and 0.04 million manat respectively in 2011.
"In 2012, premiums exceeded the data of the previous year by up to 30 per cent and our forecasts," he said. "As for payments, they also exceeded the fees. This is connected with the expansion of our customer base. In 2013, we expect fees of seven million manat which is a conservative forecast."
A remarkable fact for the company is the large increase in fees on voluntary accumulative insurance.
"This testifies to the fact that there is a growing interest in this new product on the market," he said. "In 2013, we plan to develop new products. We are already working on them. Of course, they are various kinds of voluntary life insurance. We expect to be introducing new products in the first quarter or the first half of 2013. The major part of our company's portfolio falls to mandatory insurance now."
He said that the company's authorised capital now at 5.5 million manat may be increased in 2013.
The Qala Heyat insurance company is authorised to render services on four voluntary and one compulsory kinds of insurance. Qala Heyat has been established as a result of transforming Qala Sıgorta's activity. The only reinsurance company AzRe is its founder. The company started trading in 2011.
The official exchange rate is 0,7847 AZN/USD on Jan. 7.