Over half Azerbaijani insurance company's fees fall to air vehicles

Azerbaijan, Baku, Oct. 31 / Trend A. Akhundov /

The Pasa Sıgorta insurance company provided 52.32 per cent of charges or 4.797 million manat in January-September by insuring air vehicles, the company told Trend on Monday.

In general, Pasa Sıgorta collected premiums amounting to 9.169 million manat. Refunds were paid to the amount of 1.743 million manat for the nine months. Charges decreased by 15.18 per cent compared to the same period of last year. The amount of compensation has not been changed.

The company collected 1.836 million manat on health insurance during the period, or 20 per cent of all fees. Most payments fall to this type of service. The company paid 1.173 million manat in January-September, or 67.3 per cent of total compensation.
Pasa Sıgorta collected 1.306 million manat on vehicle insurance and paid out 0.395 million manat.

The company collected 71.865.85 manat with payments worth 944.02 manat on accident and illness insurance; shipping insurance 10.551.2 manat with payments worth 14.465.77 manat; cargo insurance 61.323.69 manat with payments worth 18.947.37 manat; civil liability insurance 0.455 million manat with payments worth 14.576.81 manat and other types of property insurance 0.397 million manat with zero payments for the first nine months.

About 12.837 manat of fees with payments worth 10.480 manat fell to compulsory insurance of vehicle owners' civil liability, compulsory insurance against fire 182.013.6 manat without payments and compulsory environmental insurance 3.068 manat without payments.

About 25.650.7 manat was collected on life insurance in case of death and 50.056 manat was paid out. Pasa Sıgorta could deal with life insurance until March this year, as permits for non-life insurance companies to conclude contracts for life insurance expired in March 2011 in accordance with the law on insurance activity.

Azerbaijani insurance company Pasha Sıgorta plans to collect premiums totaling 10.5 to 11 million manat this year, the company's board chairman Nofel Rzayev said earlier. Last year the company forecast the same volume of premiums, but eventually the premiums collected were at 13.05 million manat.

He said the company does not expect to rise in the rankings of companies in terms of premiums.

Pasa Sıgorta, a member of Pasa Holding, was registered on March 3, 2006. It provides services to corporate and individual clients on 30 types of insurance. The authorised capital amounts to 30 million manat. Pasa Sıgorta is a leader in terms of the capitalisation volume in country's insurance market.

The official exchange rate is 0.7869 manat to $1.

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