Azerbaijan, Baku, Nov. 4 /Trend, A.Akhundov/
Upon the decision of the founders of the AIG Caspian Insurance Company (affiliated structure of the U.S. Chartis AIG Insurance Company in Azerbaijan), the company's name changed to "Çartis Azərbaycan", the website of the State Service for Insurance Supervision at the Ministry of Finance of Azerbaijan reported on Thursday.
According to information, the company was registered at the Ministry of Justice in connection with changing the name on Oct. 15, 2010.
Deputy head of the State Service Mahir Abdullayev told Trend that changing company's name is linked with shifting 100-percent package of assets of AIG Caspian Insurance to the American Chartis Company. Until now, the American founder owned 49 percent share. Abdullayev said that the company submitted its documents to the State Service on Wednesday, and today a positive decision was made.
AIG Caspian Insurance collected premiums worth 1.415 million manat in January-September 2010.
About 83 percent of charges or 1.174 million manat fell on voluntary insurance. Some 14,392 manat of the AIG Caspian Company's charges fell to accident and disease insurance.
During the reported period the company collected 1.16 million manat for property insurance, 598,181 manat of which fell to property insurance against fire and other risks, 22,789 manat - cargo insurance, 38,254 manat - insurance against fraud, 9,278 manat - motor-vehicle liability insurance, 440,629 manat - general civil liability insurance, 51,357 manat - employer's liability insurance.
Some 17 percent of the collected premiums or 240,773 manat was premiums for compulsory insurance against fire.
Over nine months the company has paid compensation worth 40,821 manat, 86.28 percent or 35,221 manat of which fell to payments on property insurance, 13.72 percent or 5,600 manat fell to reimbursement for accident and disease insurance.
The company's authorized capital hits 3.5 million manat. The company provides one compulsory and seven types of voluntary services.
Chartis (AIG Insurance) is a major international organization in the field of property and personal insurance (insurance other than life insurance). It serves over 40 million customers in more than 160 countries and jurisdictions. Chartis, having a 90-year history, is one of the widest spectrum of products and services. It helps both corporate clients and individuals to confidently manage any risks.
Soon the company will have only one shareholder - AIG. AIG-Caspian Insurance Co ltd is one of 15 leading insurance companies of Azerbaijan. AIG Caspian Insurance control packet belongs to Azerbaijan (51 percent) and 49 percent to Chartis.
In February 2009, AIG Caspian Insurance received an unlimited license to carry out insurance activities.
Nov. 4, official exchange rate is 0.80 manat to $1.