Huge Azerbaijani Insurance Company Summarizes Activities in Jan-Sept

Business Materials 5 November 2007 17:19 (UTC +04:00)

Azerbaijan, Baku / corr Trend U.Ismayilova / The amount of insurance premiums of Standard Insurance, one of the biggest insurance company of Azerbaijan comprised AZN 10.5mln in January-September, or by 71.75% more than the similar period of 2006, the company said on 5 November.

The main part of premiums over nine months falls on the automobile insurance, insurance of property, and also insurance of responsibility. The automobile insurance comprised AZN 4.5mln in the total insurance premiums which is up by 97.3% over 2006.

The amount of the property insurance premiums over nine months comprised AZN 3.03mln (an increase of 49.3%). The highest growth rate was fixed in the segment of responsibility insurance constituting 111.4% amid the amount of premiums collected from this type of insurance in the amount of AZN 1.2mln

In this period high increase of insurance payments carried out by companies was observed in the amount of AZN 2mln with increase of 89.9% as compared to the beginning of 2007. Preliminary calculations show the company's profits comprising AZN 2.6mln over three quarters of 2007.

In this period Standard Insurance offered several new products at the insurance market of Azerbaijan, as well as program of aviation insurance for large corporative clients developed jointly with Aviation Risk Managers FZE, and a special program of privileges for clients.

Standard Insurance received the highest financial rating B1 for private financial sector of Azerbaijan with positive forecast from Moody's Investors Service agency. In case of favorable market situations the company expects the improvement of these results by mid 2008.

Standard Insurance Ltd, operating at insurance markets of the country since 2003, presents services on 25 types of insurance. Paid stock capital of the company comprises AZN 8mln