Qarant Sigorta Expands Staff before Joining the Office of Compulsory Insurance

The insurance company Qarant Sigorta does not intend to apply to the Bureau of Compulsory Insurance. It will do so next year.

According to the company's chairman Fuad Allahverdiyev, the Ministry of Finance recently advised to extend the validity of the investigation department of state insurance cases and provide technical possibilities for high-quality services on compulsory insurance of passengers, as well as civil liability of vehicle owners.

Leaders of the Board of ZQAN Holding (its current chairman Vagif Hasanov until recently headed the board of Qarant Sigorta), which includes this financial structure, gave "good" for the said department staff increase from 20 to 35-40 people. The number of so-called emergency commissioners personally traveling to the scene will increase.

Lack of resolution on compulsory insurance is not much impact on the level of premiums collection, Allahverdiyev said. This is associated with a strong "old" customer base even in CTP - a subsidiary of an insurance agency as a separate legal entity sells insurance policies to clients - members of the Office.

The company Qarant Sigorta, probably will not be engaged (in case of entry into the Office) in insurance of passengers, although all waited for the company of the Minister of Transport to do this. However, even without the compulsory insurance the company is able to collect 10.9 million manat to 31 December 2012.

As reported by Turan, the team collected about 5 million 820.68 thousand manat in January-July, which is two-thirds more than the same period last year. And all the prizes were taken on voluntary insurance - property insurance against fire, Casco auto insurance, voluntary medical insurance, and so on.

According to him, 80% of the premiums in the first half were provided by corporate clients, and 20% were provided by individual ones. "We attach great importance to expanding cooperation with individuals and corporate clients. For this, we are developing a new product line, which will soon be presented to our clients. Moreover, the main focus in these products will be aimed at private customers," he said and emphasized that the first seven months, the company made payments in the amount of AZN 857,404.57, which is 2 and a half times more than in the previous year.

Concerning the concrete items of the entry to the Office of Compulsory Insurance, he explained it with technical problems. "But I am sure that we will enter the office. We have to meet our commitments, including the capital requirements and the expansion of the branch network, at the first place," he stressed.

Qarant Sigorta began its actual performance in the first quarter of 2008. Its founder is ZQAN Holding.

The company provides services for 18 types of voluntary and 4 types of compulsory insurance.

To date, the authorized capital is AZN 4 million. -17D-