Azerbaijani insurance company to increase premiums

Business Materials 23 May 2011 17:02 (UTC +04:00)

Azerbaijan, Baku, May 23 / Trend A.Akhundov /

The Azerbaijani Basak-Inam Sigorta Sirketi plans to raise premiums to 4 million manat in 2011, CEO Orkhan Hasanov told Trend.

Based on the data of the Finance Ministry's State Insurance Supervision Service, the company's premiums amounted to 2.6 million manat in 2010 and the payments reached 1.5 million manat.

Basak-Inam Sıgorta Sirketi has collected 1.086 million manat in premiums and paid 0.36 million manat in compensations in January-April 2011.

The company's premiums for the first four months of 2011 increased by 42 percent as compared to the same period last year. The payments have increased by 35 percent.

Premiums increases were seen in CASCO insurance (4.5 percent), electronic equipment (10.2 percent), glass breakage (40 percent), accidents and diseases (160 percent), health insurance (84 percent) and in other types of insurance cases.

The company's payments on CASCO increased by 62 percent over the year, civil liability vehicle owners' insurance increased by 24 times, insurance of glass breakage by 25 percent and health insurance by 47 percent. Accidental and disease insurance has doubled.

In general, this period's ratio of insurance payments to insurance premiums has reached 33 percent.

Hasanov said the company expects to increase its authorized capital up to 4 million manat in 2011.

The company's aggregate capital increased from 2.163 million to 3.645 million manat in 2010.