Most Azerbaijani insurer premiums cover voluntary insurance

Azerbaijan, Baku, April 25/Trend, A. Akhundov

About 98 percent of the premiums of the Azerbaijani Paşa Sığorta insurance company in the first quarter covered voluntary insurance.

The company's premiums over the first three months totaled 1.953 million manat compared to payments of 0.422 million manat.

Life insurance premiums reached 25,651 manat.

No payments were made in the period.

Paşa Sığorta premiums and payments on the following kinds of insurance were, respectively: 19,673 manat and 76.9 manat on insurance against accidents and diseases; 235,263 manat and 102,010 manat on insurance of motor vehicles; 3,503 manat and no payments on insurance of air vehicles; 20,319 manat and no payments on insurance of ships; 594,304 manat and no payments on insurance of other kinds of property; 26,104 manat and 4,137 manat on insurance of cargoes; 657,724 manat and 312,013 manat on medical insurance, and 327,902 manat and no payments on civil liability insurance.

As to motor owners civil liability compulsory insurance, Paşa Sığorta premiums and payments were 2,254 manat and 3,700 manat, respectively. The company's premiums on compulsory insurance against fires and compulsory ecological insurance were 39,426 manat and 440 manat, correspondingly.

PASHA Holding, the founder of Paşa Sığorta, took the decision to increase the insurance company's statutory capital from 20 million manat at the moment up to 30 million manat. The capital is to be increased at the expense of the 2010 profit and additional resources of the shareholders. Following the results of last year, the company's net profit was 2.806 million manat.

As a result of the capitalization, the statutory capital of Paşa Sığorta will be a tenfold increase against the minimum required statutory capital of insurers established by the Ministry of Finance as 3 million manat on January 1, 2011.

Paşa Sığorta provides services to corporate and individual clients on 31 kinds of insurance.

Since 2007, the management system of Paşa Sığorta has been certified by Moody's on ISO 9001: 2000. Paşa Sığorta has been a participant of the UN Global Compact Initiative since 2009.

The official exchange rate on April 25 is 0.7915 AZN/USD.