Baku, Azerbaijan, Jan. 9.
By Abbas Akhundov -Trend:
Azerbaijani insurance company Buta Sığorta intends to enter the countrys' retail insurance market top three by 2015, the company chairman Abbas Babayev told Trend on Jan. 9.
It is suggested by the development strategy of the company approved in December 2013 and covering the period until 2015, Abbas Babaev said.
The company chairman went on to say that to achieve this goal the company plans to become a member of the Compulsory Insurance Bureau (İSB) and has already appealed to the country's Finance Ministry.
Members of the bureau have the right to be engaged in those types regulated by the law on compulsory insurance, i.e. insurance of immovable property, insurance of civil liability of vehicle owners (CTP), insurance of passengers, and liability insurance in the operation of real estate.
"The main direction of the strategy is retail development. To this end, we will explore new segments and develop new products," Babayev said.
In addition, the new strategy will focus on improving the quality of services provided by the company.
Now the company has six shareholders - The Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq with a 19 percent stake each, and NAB Holding with 5 percent participation.
Translated by M.L.
Edited by C.N.
