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Azerbaijani insurer aims for 20% growth in premiums for voluntary insurance

Business Materials 17 January 2013 19:36
Azerbaijani Insurance Company Standard Insurance plans to increase fees for voluntary insurance by 20% in 2013, chairman of the company Kamal Ibragimov told Trend on Thursday.

Azerbaijan, Baku, Jan. 17 / Trend, A. Akhundov /

Azerbaijani Insurance Company Standard Insurance plans to increase fees for voluntary insurance by 20% in 2013, chairman of the company Kamal Ibragimov told Trend on Thursday.

"We have a set plan to ensure minimum growth of 20%. According to our calculations, it is a real possibility in the voluntary insurance market. As for compulsory insurance, we will try to maintain at least the same growth rate of 20%", Ibragimov said.

According to him, the company expects even greater increases, as considerable and timely payment of compulsory civil liability insurance of car owners (CTP) also provides a good advertising effect.

"Insurants determine for themselves which insurers they want to build relations with for both mandatory and voluntary insurance products", Ibragimov said.

According to the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, in 2012, the company collected premiums worth 21.314 million Manat, which exceeds the index of 2011 by 2.19 times, and paid compensation worth 5.338 million (annual growth of almost half).

"The year turned out to be quite successful, but it very difficult for the market as a whole, and for us. Volumes almost doubled. We were able to implement a growth plan in our portfolio by 20%, excluding growth for compulsory insurance. Standard Insurance is one of the first members of the bureau and is working on three of the four types of mandatory insurance: compulsory insurance of immovable property, mandatory liability insurance for the operation of real estate and CTP", Ibragimov said.

One of the largest insurance companies in Azerbaijan, Standard Insurance, has been on the market since 2002. The company provides 28 types of insurance services.

The official exchange rate for January 17 is 0.7849 AZN / USD.

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