During semi-annual period last year Gunay Sigorta insurance company collected 255,072 AZN, but this year 214,063 AZN, which shows deterioration of the situation.
The company believes that once financial positions are improved, it can join the Bureau of Obligatory Insurance. But the specialists claim that the company has poor capitalization and it still cannot work with foreign re-insurers and international brokers.
However, the company has tried to diversify its premiums – a year ago almost half of the premium (about 45%) fell to property insurance against fires and other risks, while now it collected 63,040 AZN or 29.6%. The reduction of collection of this type of premium is a tendency. In 2010 257,800 AZN was collected from insurance against fires against 432,000 AZN in 2009. The company’s specialist said that this is connected with monopolization of the sector – financial flows reach insurance companies close to “influential” officials, while independent businessmen suffer.
53,030 AZN was collected from voluntary medical insurance, 5,290 AZN – from civil responsibility insurance, CASCO car insurance – 82,220 AZN, insurance against accidents – 6,140 AZN and civil responsibility of owners of auto transportation – 4,850 AZN.
Insurance of responsibility of owners of auto transportation brought the company 4,920 AZN, cargo insurance – 10,450 AZN and travel insurance – 786 AZN.
From January to June 2013 the company paid to the clients 44,760 AZN against 95,180 AZN during the same period last year.
Gunay Sigorta company was founded in 1992 and it offers 15 types of obligatory and voluntary insurance.
In 2008 the company obtained the license for termless activities. In August 2012 Turkish co-owners of Gunay Anadolu Sigorta sold their shares to a local owner of the bloc of shares and the word Anadolu dropped out of the name.
The company’s authorized capital totals 4.2 million AZN.
The company’s founders are Gunay Bank (65.4% of shares) and two physical persons.-0—
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