Finance

Finance

PASHA Life Insurance enhances activity in voluntary insurance sphere

19 July 2013 11:14 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Azerbaijan-based PASHA Life Insurance’s charges in January-June, 2013, made AZN 16.165 mln, up 84.9% from previous year.

At the same time, insurance payments stood at AZN 445,000, up 3.5 times in annual comparison. Company’s share for charges and payments relevantly made 8.2% and 0.8%.

44.2% of total insurance premiums from three life insurance companies belonged to PASHA Life Insurance. This index on payments is equal to 22.4%, on authorized capital – 73.7%. Note that current authorized capital makes AZN 25.2 mln.

Head pf Risks Management Department Parviz Guliyev said that company planned to increase the premiums for 2013 to AZN 17 mln. But, the premiums are expected to make AZN 21 mln. In general, according to strategic plan of the company for 2015, this index is planned to reach AZN 35 mln by the end of 2015.

Speaking about development perspectives, Guliyev noted that there are two main directions. These are directions regarding living insurance and development of insurance spheres of bank borrowers: “There is a great potential in this sphere. The company intends to enhance its activity in involving of individual clients”.

He also noted that company’s potential opportunities on life insurance sufficiently increase and therefore, PASHA Life Insurance enhances activity on voluntary insurance types.

Note that 52.2% of premiums came from voluntary insurance types, 47.8% - from compulsory types.