Bank Of Baku

The world financial crisis affects Azerqarant insurance company

The world financial crisis affects Azerqarant insurance company
# 24 February 2009 16:55 (UTC +04:00)
Baku. Elnur Huseynguluev - APA-Economics. Azerqarant Insurance Company reported that the number of motor vehicle insurance policies halved year-over-year in connection with the global financial crisis, said Shukur Huseynov, Chairman of the Board.

He added this is due to commercial banks’ tightening conditions for car loans.
«In general, the global financial crisis has adversely affected not only the banks but also insurance companies of Azerbaijan. If this continues until the end of the year, our company will inevitably be faced with a decline in revenue,” he added.
Azerqarant has been in operation since 1993.
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