Azerbaijani company introduces new insurance product

Economy Materials 22 April 2020 17:45 (UTC +04:00)
Azerbaijani company introduces new insurance product

BAKU, Azerbaijan, Apr. 22

By Yusif Aghayev - Trend:

Azerbaijan’s Standard Insurance OJSC has introduced a new insurance product called Qonshum, Trend reports with reference to the company.

The product is the first of its kind among those presented on the insurance market of Azerbaijan. It relates to general civil liability insurance and guarantees compensation for property damage caused to the apartment of neighbors as a result of any insurance event related to the using the apartment owned by the insurer.

So, if damage occurs to the apartment of the neighbors, it will be reimbursed by the insurance company.

The civil liability insurance via the Qonshum product provides insurance coverage in the amount of 10,000 manat ($5,900), and the insurance premium is only 19 manat ($11.1) per year.

Thus, compulsory insurance of real estate owned by individuals protects apartments owned by citizens, and liability for damage to neighbors can be insured by means of the Qonshum product.

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 4 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 ($3.2 million), ranking 14th in the ranking of domestic insurers.

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

($1 = 1.7 manat on Apr.22)