Company Description:
Caspian Energy (CE): This year Azer-Asia Joint Insurance Company (JIV) is celebrating its 10th anniversary of operation in the insurance market of Azerbaijan. How would you evaluate this period of operation? Ganbar Subhanverdiyev, Chairman of the Board, Azer-Asia Joint Insurance Company (JIV): We have been working in the insurance market of Azerbaijan for 10 years. Over this period of time, we have traveled a difficult but at the same time pleasant path of development. Our Company was established in 1996 based on the Azerbaijan-Iranian Interstate Agreement. The launched documentation process approached its completion in May 1997. The Azerbaijan partner's ownership in JV is 51% and belongs to the Azersigorta State Insurance Company, whereas the Iranian partner represented by Iran's Asia Insurance Company owns 49%. Our Company belongs to a number of entities where the Iranian state has its ownership. Our JIV, the Iranian National Bank and some manufacturing companies are the entities of such a type in Azerbaijan. When our Company was being established, our founders set the target to transform a newly formed company into the most famous insurance entity in Azerbaijan. Our Company is well-known in Iran as well. We enjoy trust in the insurance market of Iran. Since 2002 we have managed risks of Merkez Sigorta JV, Asia Sigorta JV, Albors JV, Dana JV, the export-investment company and the Iranian export-investment fund in the amounts we are capable to receive. Currently, we enjoy bilateral relations established in the field of insurance and reinsurance of risks. CE: Has the Company achieved the set targets? Ganbar Subhanverdiyev: Since the very establishment, our Company has been doing its best to render top-level service to the customers. To date we have certain progress in this direction and currently keep on improving this process. As to the dynamics of the Company's evolution, we were always in a climbing progress in the field of attracted premiums and the quality of provided services, as well as in the number of customers. Every year Azer-Asia renders its services to over 20,000 clients. Moreover, this figure is growing from year to year. The major number of our clients falls to voluntary insurance. It proves the fact that we work directly with customers. Compulsory insurance types within our portfolio comprise even less than 1%, whereas 99% of our activity accounts for voluntary insurance types. The range of services offered inside Azerbaijan includes reinsurance; we receive insurance risks from local companies and try to place them in the home market. To date nearly 60% of reinsurance risks are concentrated in Azerbaijan. Sometimes this figure reaches 80%. On the whole, we do our best to keep insurance risks at maximum inside Azerbaijan. One might say that over 10 years of operation we mainly received reinsurance risks from Iran. We were the only company specializing in this field. However, several more companies are currently involved in this business. At the moment Azer-Asia offers a number of exclusive services to the Azerbaijan market. In particular, it is insurance of financial risks, which occupy a certain share within our insurance market. These services are offered to banking organizations in the field of insuring credits and liabilities fixed in purchase-sale agreements. For 10 years of activity we have succeeded in building a solid team. We have always taken care about enhancement of the level of knowledge and professionalism of our employees. They take part in seminars, symposiums and conferences abroad. In 2005 our employees mastered a preparatory training. As a result our Company was accredited ISO 9001:2000 Quality Management Certificate. Through 10 years our Company has been positively evaluated by independent observers. Step by step we are approaching the targets the company set at the beginning of its establishment. CE: How firm are the company's financial positions in the market? Ganbar Subhanverdiyev: At the moment the Company's equity capital exceeds 700,000 AZN, whereas assets are 2 mln AZN. As to the results for 2006, the amount of attracted premiums comprised 1,300 mln AZN, while insurance compensations made up 800,000 AZN. Last year's basic payments mainly fell to the case of fire occurred at the cleanser manufacturing plant along with liability insurance & reinsurance services. CE: What prospective plans does Azer-Asia have? Ganbar Subhanverdiyev: Before the end of the current year we intend to introduce several more new insurance types, which are very popular abroad. At the same time, the today's situation shows the glut in the Baku's insurance market, whereas the number of insurance companies in the regions is too small. So, our plans for this year are to set up branches in the regions of Azerbaijan. At the moment we are conducting the study of the situation. Most likely, this year we will open branch offices in Khachmaz, Ganja, Ali-Bayramly and Astara. Simultaneously we are training personnel for new offices. CE: Could you confidently say that after 10 years of operation in the insurance market of Azerbaijan the Company's profile does comply with your motto ,Your support point'? Ganbar Subhanverdiyev: We would like to be a support point for all our customers and make them able to rest upon us any moment. We do our best to offer top-level service, luxury and pleasant life. Our clients are the best to say about our progress as we have no clients displeased with our activity. At present we are one of the leading insurance companies in Azerbaijan. I always highlight that our company is an Azerbaijan entity that works in compliance with the Azerbaijan's legislation. We will keep on doing our best to hold Azer-Asia JV's leading positions in the insurance market of Azerbaijan.
Caspian Energy (CE): This year Azer-Asia Joint Insurance Company (JIV) is celebrating its 10th anniversary of operation in the insurance market of Azerbaijan. How would you evaluate this period of operation? Ganbar Subhanverdiyev, Chairman of the Board, Azer-Asia Joint Insurance Company (JIV): We have been working in the insurance market of Azerbaijan for 10 years. Over this period of time, we have traveled a difficult but at the same time pleasant path of development. Our Company was established in 1996 based on the Azerbaijan-Iranian Interstate Agreement. The launched documentation process approached its completion in May 1997. The Azerbaijan partner's ownership in JV is 51% and belongs to the Azersigorta State Insurance Company, whereas the Iranian partner represented by Iran's Asia Insurance Company owns 49%. Our Company belongs to a number of entities where the Iranian state has its ownership. Our JIV, the Iranian National Bank and some manufacturing companies are the entities of such a type in Azerbaijan. When our Company was being established, our founders set the target to transform a newly formed company into the most famous insurance entity in Azerbaijan. Our Company is well-known in Iran as well. We enjoy trust in the insurance market of Iran. Since 2002 we have managed risks of Merkez Sigorta JV, Asia Sigorta JV, Albors JV, Dana JV, the export-investment company and the Iranian export-investment fund in the amounts we are capable to receive. Currently, we enjoy bilateral relations established in the field of insurance and reinsurance of risks. CE: Has the Company achieved the set targets? Ganbar Subhanverdiyev: Since the very establishment, our Company has been doing its best to render top-level service to the customers. To date we have certain progress in this direction and currently keep on improving this process. As to the dynamics of the Company's evolution, we were always in a climbing progress in the field of attracted premiums and the quality of provided services, as well as in the number of customers. Every year Azer-Asia renders its services to over 20,000 clients. Moreover, this figure is growing from year to year. The major number of our clients falls to voluntary insurance. It proves the fact that we work directly with customers. Compulsory insurance types within our portfolio comprise even less than 1%, whereas 99% of our activity accounts for voluntary insurance types. The range of services offered inside Azerbaijan includes reinsurance; we receive insurance risks from local companies and try to place them in the home market. To date nearly 60% of reinsurance risks are concentrated in Azerbaijan. Sometimes this figure reaches 80%. On the whole, we do our best to keep insurance risks at maximum inside Azerbaijan. One might say that over 10 years of operation we mainly received reinsurance risks from Iran. We were the only company specializing in this field. However, several more companies are currently involved in this business. At the moment Azer-Asia offers a number of exclusive services to the Azerbaijan market. In particular, it is insurance of financial risks, which occupy a certain share within our insurance market. These services are offered to banking organizations in the field of insuring credits and liabilities fixed in purchase-sale agreements. For 10 years of activity we have succeeded in building a solid team. We have always taken care about enhancement of the level of knowledge and professionalism of our employees. They take part in seminars, symposiums and conferences abroad. In 2005 our employees mastered a preparatory training. As a result our Company was accredited ISO 9001:2000 Quality Management Certificate. Through 10 years our Company has been positively evaluated by independent observers. Step by step we are approaching the targets the company set at the beginning of its establishment. CE: How firm are the company's financial positions in the market? Ganbar Subhanverdiyev: At the moment the Company's equity capital exceeds 700,000 AZN, whereas assets are 2 mln AZN. As to the results for 2006, the amount of attracted premiums comprised 1,300 mln AZN, while insurance compensations made up 800,000 AZN. Last year's basic payments mainly fell to the case of fire occurred at the cleanser manufacturing plant along with liability insurance & reinsurance services. CE: What prospective plans does Azer-Asia have? Ganbar Subhanverdiyev: Before the end of the current year we intend to introduce several more new insurance types, which are very popular abroad. At the same time, the today's situation shows the glut in the Baku's insurance market, whereas the number of insurance companies in the regions is too small. So, our plans for this year are to set up branches in the regions of Azerbaijan. At the moment we are conducting the study of the situation. Most likely, this year we will open branch offices in Khachmaz, Ganja, Ali-Bayramly and Astara. Simultaneously we are training personnel for new offices. CE: Could you confidently say that after 10 years of operation in the insurance market of Azerbaijan the Company's profile does comply with your motto ,Your support point'? Ganbar Subhanverdiyev: We would like to be a support point for all our customers and make them able to rest upon us any moment. We do our best to offer top-level service, luxury and pleasant life. Our clients are the best to say about our progress as we have no clients displeased with our activity. At present we are one of the leading insurance companies in Azerbaijan. I always highlight that our company is an Azerbaijan entity that works in compliance with the Azerbaijan's legislation. We will keep on doing our best to hold Azer-Asia JV's leading positions in the insurance market of Azerbaijan.