Azerbaijan, Baku, Jan. 29 / Trend A. Akhundov /
Azerbaijani insurance company Qarant Sıgorta, which is a part of ZQAN Holding, plans to join the Compulsory Insurance Bureau in 2013. This was said toTrend by chairman of the holding Vagif Hasanov.
The Bureau of Compulsory Insurance was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance'. It regulates four types of compulsory insurance - real estate, liability of owners of vehicles, passenger insurance and liability insurance while touching on real estate.
"Before entering this market we have worked hard to provide quality service on these types. Last year, the company worked on the basis of preparation for this process. Currently we are ready for a huge flow of customers. We plan to obtain a licence for all four types of insurance in the first quarter of this year," Hasanov said.
According to him, notwithstanding compulsory insurance, the company plans to collect about 10 million manat of premiums in 2013.
According to the State Insurance Supervision Service under the Ministry of Finance, Qarant Sıgorta collected 8.45 million manat in 2012, or 4.44 per cent more than in 2011.
"In 2013, it is also expected to increase the share capital at the expense of profits made last year", Hasanov said.
Currently, the paid-up share capital of Qarant Sıgorta stands at four million manat.
Qarant Sıgorta obtained a licence for insurance activity from the Ministry of Finance of Azerbaijan in November 2007.