Baku, Azerbaijan, June 24
By Emin Aliyev - Trend:
Azerbaijani company Pasa Heyat Sıgorta intends to greatly increase fees by late 2014, Pasa Heyat Sıgorta Deputy Chairman of Board Niyaz Ismayilov told Trend on June 23.
"Our forecasts on fees are to reach 40 million manats by late 2014 and thereby fix a 20 percent growth rate per year," he said.
Pasa Heyat Sıgorta collected 19.49 million manats in premiums with payments worth 0.91 million manats in January-May 2014, according to the Azerbaijani Ministry of Finance. The company owns more than 39 percent of the life insurance market. Three participants - "Pasa Heyat Sıgorta", "Atesgah Heyat Sıgorta" and "Qala Heyat Sıgorta" have collected premiums in the amount of 49.94 million manats since early 2014. The aggregate amount of payments amounted to 2.91 million manats.
"The company also intends to work to expand the product line," he added.
"We expect to launch several new products in August," he added. "Moreover, the company will regularly move to expand its product line every three months."
Pasa Heyat Sıgorta was registered on November 24, 2010. It received a five-year insurance license on February 14, 2011.
The official exchange rate is 0.7843 AZN/USD on June 24.