Azerbaijani insurance company fixes threefold decrease in premiums

Business Materials 10 January 2011 14:56 (UTC +04:00)

Azerbaijan, Baku, Jan. 10 / Trend U.Ismayilova /

The Azerbaijani Insurance Company Gunay Sigorta signed contracts worth 647.133 manat in 2010, Company Acting Chairman Vugar Rajabov said on Monday.

"The company's premiums amounted to 505.885 manat in 2010, which is lower than the sum of the signed contracts, as part of payment postponed for 2011," Rajabov said.

The company's payments for 2010 amounted to 166.188 manat, he added.

Gunay Sigorta's premiums in 2009 amounted to 1.53 million manat with payments worth 0.18 million manat.

The only founder Gunay Sigorta, operating since 1992, is the Azerbaijani joint-stock bank Gunay Bank. The company's capital amounts to 2 million manat.

The official exchange rate is 0.7976 manat to $1 Jan. 10.