New appointments in Azerbaijan Industrial Insurance Company
BAKU, Azerbaijan, Feb. 19
By Yusif Aghayev - Trend:
New appointments were made to the board of Azerbaijan Industrial Insurance Open Joint Stock Company, Trend reports with reference to the company.
The company's board members Samir Mammadov and Afag Jabrayilova were appointed as deputy chairmen. The decision was made by the company's Board of Directors.
The chairman of the company's board is Orkhan Afandiyev, who was appointed to this position in the second half of 2019.
The former chairman of the company, Kamran Babayev, had been appointed the chairman of the board of Standard Insurance three weeks ago.
Azerbaijan Industrial Insurance Company was established in December 1996, until 2008, when it was re-registered as an open joint stock company.
Currently, the authorized capital of the company stands at four million manat ($2.3 million). The company operates as a full-scale insurance company engaged in the non-life insurance segment. The company is licensed to carry out four compulsory and 29 voluntary types of insurance.
The company collected insurance premiums in over 5.6 million manat ($3.3 million) in 2019 and paid insurance claims in the amount of just over 2 million manat ($1.1 million), placing 16th in the ranking of insurance companies in Azerbaijan.
In total, Azerbaijani insurance companies collected insurance premiums in the amount of more than 681.1 million manat ($400.6 million) in 2019, which is over 46.7 million manat ($27.5 million) or 6.4 percent less than in 2018. The companies paid more than 301.5 million manat ($177.3 million) of insurance indemnities in 2019, which is 61.2 million manat ($36 million) or 25, 4 percent more than in 2018.
Currently, one reinsurance and 22 insurance companies operate in Azerbaijan.