Azerbaijan’s insurance company releases information about largest payment

Economy Materials 19 February 2020 15:17 (UTC +04:00)
Azerbaijan’s insurance company releases information about largest payment

BAKU, Azerbaijan, Feb. 19

By Yusif Agayev - Trend:

Azerbaijan’s Standard Insurance company has released information about the largest insurance payment made in 2020 so far, Trend reports referring to the company.

The company said that the payment was made within the framework of Casco insurance, in connection with a traffic accident that occurred with the participation of a car of the BMW M-5 model on December 12, 2019, insured by the company in this kind of insurance. The payment amounted to 55,000 manat ($32,352).

Casco is a comprehensive insurance of vehicles associated with the risks of theft, damage or complete destruction. This type of insurance is voluntary. Currently, insurance of vehicles in Azerbaijan, owned by individuals, is carried out on the basis of unified Insurance Rules developed by the Financial Market Supervision Chamber of Azerbaijan.

According to the decree of Azerbaijan’s President Ilham Aliyev dated November 28, 2019, the Financial Market Supervision Chamber was abolished, the powers of the chamber defined by the laws of Azerbaijan, including its rights and obligations in the field of licensing, regulation and supervision of the financial services market, protection of the rights of investors and consumers of financial services, as well as its property were transferred to the Central Bank of Azerbaijan (CBA).

Standard Insurance OJSC was established in 2002 as a full-fledged insurance company operating in the non-life insurance segment.

To this date, the company has a license to carry out four compulsory and 24 voluntary types of insurance.

Based on the results of activities in 2019, the company collected insurance premiums in the amount of 14 million manat ($8.2 million) and paid insurance indemnities in the amount of 5.4 million manat ($3.1 million), ranking 14th in the ranking of domestic insurers.

There are 22 insurance companies and one reinsurance company in Azerbaijan.

(1 USD = 1.7 AZN on Feb. 19)