Azerbaijani Insurance Company cancels Large Contract

Business Materials 23 April 2007 20:13 (UTC +04:00)

Azerbaijan, Baku/ Trend , corr. U. Ismayilova/ Insurance company, ERA-TRANS has canceled a large contract with the Baku Football Team of "Neftchi" ("Oilman"), a source in the Insurance Company has said.

According to sources in the Company, the contract was canceled due to the untimely payments made by the Football Team. As a result of that, in the first quarter of 2007, the total insurance payments of ERA-TRANS (AZN 2,545,000) exceeded the aggregate amount of its premiums (AZN 207,100) by 12.3 times.

The source also said that the insurance premiums, ERA-TRANS paid on obligatory types of insurance made up AZN 36,657, with AZN 129,170 falling on payments.

Notably, up to 1 January, 2007, the authorized capital of ERA-TRANS, which has operated since 1994, had reached AZN 707,000 The Insurance Company presently offer 24 types of voluntary services and 4 types of obligatory insurance.