Azerbaijani insurance companies’ total capital exceeds 150 million manat
Azerbaijan, Baku, March 10 / Trend U.Ismayilova /
The total capital of the insurance operating in Azerbaijan amounted to 153.6 million manat in 2010, which is 48.5 million manat, or 46 percent more compared to the figure in 2009, the Cabinet of Ministers reported.
Based on the Azerbaijani insurance companies' data, premiums amounted to 155.6 million manat, while premiums per capita amounted to 17.3 manat, the report reads.
Some 80 percent of the total amount of premiums fell to voluntary tupes and 20 percent - the compulsory types. Life insurance premiums for the period totaled 1.5 million manat and insurance other than life - 154.1 million manat.
The companies' payments totaled 53.8 million manat, including voluntary types - 45.3 million manat and compulsory - 8.5 million manat.
Life insurance payments amounted to 0.33 million manat and insurance other than life - 53.5 million manat.
Some 27 insurance companies (including five with foreign capital participation), one reinsurance and six brokerage firms (including five with foreign capital participation) operated in Azerbaijan in late 2010.
During the report period, the Azerbaijani Finance Ministry issued a license to one individual for the provision of insurance brokerage activity, as well as one legal and 61 individual for the provision of agency services. The Ministry issued a perpetual license to provide insurance expiration of the previously issued license.
The Insurance Supervision Authority carried out audits at the five insurance companies and two brokerage insurance companies. The relevant activities were taken in connection with the identified deficiencies. The service ensured payments of about 200,000 manat, which insurance company unreasonably refused to pay.