New player in insurance market
A new player in Azerbaijan`s insurance market -- Royal Sigorta -- plans to collect 400,000-500,000 manats (up to around $637,000) in premiums in 2012, board chairman Nusrat Babayev told Trend news agency on Monday.
The Finance Ministry`s body overseeing the domestic insurance market issued a five-year license to Royal Sigorta in late December 2011.
According to the State Insurance Supervision Service, the company collected 16,000 manats in the first quarter of 2012.
``This year, we plan to collect about half a million manats, and perhaps more,`` Babayev said.
According to him, in the first quarter, the company did much to consolidate its market position, including launching a website, signing agreements with other companies and improvements in the quality of operations.
He said that presently the company sees no need to increase its capital stock, which now stands at 5.5 million manats.
Royal Sigorta was founded by five physical entities.
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