Azerbaijani insurer expands branch network

Azerbaijani-Turkish insurance company Ba?ak ?nam S??orta plans to bring the number of offices in the region to 10 by the end of the year, director of Business Development Department Hikmet Allahverdiyev told Trend on Friday.

"Currently representative offices are operating in six regions, Beylagan, Ganja, Zagatala, Sumgait, Guba and Massaly. We are studying the potential of other regions by the end of the year and plan to open offices in three or four areas," Allahverdiyev said.

He noted that this is due to the company's intention to join the Office of Compulsory Insurance and obtain a work permit for compulsory insurance.

Additional requirements for insurance companies to work on compulsory insurance come into force in Azerbaijan on July 1 this year. According to these requirements, the insurer must have a branch or representative office which has all the capabilities necessary for recovery of damages in at least in one area or city in 10 economic regions of the country, except for the occupied territories.

The company has applied to the Ministry of Finance and plans to deal with the two types of insurance - mandatory liability insurance of vehicle owners (CTP), and real estate.

Ba?ak-?nam S??orta ?irk?ti has been operating in the insurance market of the country since 1996. Some 19.95 per cent of the shares are owned by the Zamin bank, 48 per cent account for individuals, Groupama Sigorta A.?. (Turkish subsidiary of the largest insurance companies in Europe Groupama) - 17 per cent, Turanbank - 8.5 per cent, AzerTürkBank - six per cent of the non-bank credit organisation and Aqrarkredit - less than one per cent.


/Trend/