Baku, Azerbaijan, Oct. 31
Trend:
Azerbaijani insurance company AzInsurance has made one of the largest payments in the history of insurance in Azerbaijan as a whole, the company said in a message on Oct. 31.
An enterprise of Azerbaijan's food industry, which was insured by AzInsurance, caught fire due to a short circuit. AzInsurance paid the enterprise over 900,000 manats on this insured event.
AzInsurance has succeeded in property insurance and has extensive experience. Over the past couple of years, two earthquakes and several floods have occurred in the regions of Azerbaijan, including the recent heavy rainfall in Baku on Sept. 23. The company reacted to each such event, switching to an enhanced mode of operation in order to arrange operational payments. After the rainfall, the first payment was made already on the fifth day.
In January-September 2018, AzInsurance payments on property insured by physical and legal entities exceeded 1.7 million manats.
The company has been operating in Azerbaijan's insurance market since 2006 and is one of the most stable insurers. Confirming this, the international ratings agency Fitch gave the company a sustainability rating of "B".
($1 = 1.7 AZN on Oct. 31)