Azerbaijan’s Ateshgah Insurance Company presents new car insurance product

Azerbaijan’s Ateshgah Insurance Company presents new car insurance product

BAKU, Azerbaijan, Feb. 14

By Yusif Aghayev - Trend:

Azerbaijan’s Ateshgah Insurance Company has introduced a new “Region” product for comprehensive car insurance, Trend reports referring to the company’s website Feb. 14.

The peculiarity of this product is that it is designed for residents of the Azerbaijani districts, that is, according to insurance conditions, it covers risks in relation to cars insured throughout Azerbaijan, with the exception of Baku, Sumgayit, Khirdalan cities and the Absheron Peninsula.

The Region insurance product includes three different packages worth 99 manat ($58.2), 139 manat ($81.7) and 179 manat ($105.2) respectively, which differ depending on the amount of insurance coverage.

As part of a package worth 99 manat, the insured amount (maximum limit of insurer liability) is 2,500 manat ($1,470), as part of a package worth 139 manat - 5,000 manat ($2,941), and within a package worth 179 manat - 10,000 manat ($5,882). The amount of the deductible (the amount of loss within which the insurer is exempted from liability) for all three packages is 100 manat ($58.8).

Cars with a cost of up to 30,000 manat ($17,647) are accepted for insurance, the first loss principle is applied, in which the insurance cover is valid until the first loss.

An installment plan for the payment of an insurance premium is provided for three months.

Ateshgah Insurance Company, which is part of the Ateshgah Insurance Group, has been operating in Azerbaijan’s insurance market since 1996, The company has a license to carry out 27 types of voluntary and 4 types of compulsory insurance.

Last year, Ateshgah Insurance Company, taking the 5th place in the ranking of domestic insurance companies, attracted insurance premiums worth 36.8 million manat ($21.6 million) and made payments for 18.9 million manat ($11.1 million).

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.

As many as 22 insurance companies and one reinsurance company operate in Azerbaijan.

($1= 1.7 manat on Feb. 14)

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