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Azerbaijan's Qala Insurance to significantly increase fees

Finance Materials 27 November 2018 14:10
Azerbaijani company Qala Insurance plans to collect 16 million manats of insurance fees by the end of 2018 (54.1 percent increase over the year), Deputy Chairman of the company Taleh Yusifov said on Nov. 27.
Azerbaijan's Qala Insurance to significantly increase fees

Baku, Azerbaijan, Nov. 27

By Taleh Mursagulov - Trend:

Azerbaijani company Qala Insurance plans to collect 16 million manats of insurance fees by the end of 2018 (54.1 percent increase over the year), Deputy Chairman of the company Taleh Yusifov said on Nov. 27.

Yusifov noted that in January-November, the amount of fees of the insurance company reached 13 million manats.

Speaking about the company's plans for 2019, he noted that it aims to increase the amount of fees to 18 million manats.

Insurance fees of the company amounted to 10.9 million manats in 2017.

Qala Insurance plans to open several representative offices in the economic zones of Azerbaijan in 2019. In 2018, representative offices were opened in Lankaran, Ganja, Sumgait, Tovuz and a representative office is also expected to open in Imishli.

Earlier, Qala Insurance (formerly known as Chartis Azerbaijan) was a subsidiary of American International Group Inc. (AIG Inc.). In September 2015, the Azerbaijani reinsurance company AzRe bought out Chartis Azerbaijan for 6.5 million manats.

(1 USD = 1.7 AZN on Nov. 27)

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Follow the author on Twitter: @TalehMursagulov

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