Azerbaijan, Baku, July 27 / Trend I. Khalilova /
Azerbaijani Insurance Company OJSC "Alfa Sigorta" negotiates with a German brokerage firm to implement Green Card in Azerbaijan. It will provide policies to vehicles traveling in Europe, Chairman of Alfa Sigorta Board of Directors Khayal Mammadkhanli said.
"We are preparing to sign the contract. Now we are discussing the price. Probably, we will be the first and only company in Azerbaijan, which will sell directly to Green Card," he said.
The mechanism of realization of "green card" by Alfa Sigorta will differ from the activities of other companies in the country. Currently, these services are provided on agent basis.
Azerbaijan is a transit member of the Green Card since 1999. Insurance companies have to incur substantial costs associated with the formation of the deposit fund, the issue of reinsurance to connect to the system of Green Card.
The National Bureau of Green Card was created in Azerbaijan in 1999.
The founder of "Alfa Sogorta" OJSC is local OJSC Texnikabank, which bought 100 percent of the company's shares in December 2006.
Following six months the company's assets were formed at 5 093 070 manat. Authorized capital is 3.1 million manat. Book profit of Alfa Sigorta for the first six months amounted to 484,000 manat.
At the end of June, the company collected premiums worth 1 156.389 manat, and the payment amounted to 97,650 manat. For six months the company has concluded 10,351 insurance agreements.
On July 27, the official exchange rate is 0.8036 manat to $1.
