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Azerqarant affected by global financial crisis

Azerqarant affected by global financial crisis

18 June 2009 15:27 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Against the backdrop of the global financial crisis, Azerqarant insurance company saw insurance proceeds on bank loans contracted by half.

Shukur Huseynov, Vice-Chairman of the Board, said there was a sharp decline in Property Insurance and borrowerâ€™s Personal Accident Insurance.

â€œGlobal financial crisis has also adversely affected the number of insurance policies. There has been no significant increase in insurance proceeds the beginning of this year also. At the end of the second quarter, we will know whether there is a rise insurance proceeds or not,â€ he added.

He said it is too early to predict anything for the full year.

Owned by an individual, Azerqarant has been in operation since 1993.

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