Changes occur in management of Azerbaijani Industrial Insurance Company
BAKU, Azerbaijan, Feb. 20
By Yusif Aghayev – Trend:
The changes have occurred in the composition of the audit commission of the Azerbaijani Industrial Insurance Company, Trend reports referring to the company.
Galib Rahimov was appointed chairman of the audit committee of the company. Moreover, he is a member of the Audit Committee of Azerbaijan Industry Bank.
Parviz Guliyev was appointed chief accountant of the company. Previously, Gulmira Guliyeva held this position.
The chairman of the board of Azerbaijani Industrial Insurance company is Orkhan Efendiyev, who was appointed to this position in the second half of 2019.
Azerbaijani Industrial Insurance company was established in December 1996. The company operated as CI-Insurance until 2008 when it was re-registered as an open joint stock company.
Presently, the authorized capital of the company reaches four million manat ($2.3 million). The company operates as a full-scale insurance company engaged in the non-life insurance segment. The company is licensed to carry out four compulsory and 29 voluntary types of insurance.
As of 2019, the company collected insurance premiums in the amount of 5.6 million manat ($3.3 million) and paid insurance claims worth over 2 million manat ($1.2 million), ranking 16th among the Azerbaijani insurance companies.
In general, Azerbaijani insurance companies collected insurance premiums worth 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.5 million) or 6.4 percent less than in 2018 and paid insurance claims for 301.5 million manat ($177.3 million), which is 61.2 million manat ($36 million) or 25.4 percent more than in 2018.
Today, 22 insurance companies and one reinsurance companies operate in Azerbaijan.
(1 USD = 1.7 AZN on Feb. 20)