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Chartis Azerbaijan sharply decreases insurance premiums year-on-year

08 September 2011 09:45 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The volume of premiums collected by Chartis Azerbaijan (formerly known as AIG Caspian Insurance) insurance company in January-August of 2011, amounted to AZN 1.183 mln, down 12% compared to the same period last year.

Director of Finance Department of the company Elmar Islam told APA that during the reporting period, the volume of payments on insurance risks was reduced by 4 times and amounted to AZN 9.967 thousand .

To him, the most insurance premiums during this period were collected on â€œGeneral liability insuranceâ€ (AZN 588.353 thousand), â€œProperty insurance against fire and other risksâ€ (AZN 404 thousand) and â€œCompulsory insurance against fireâ€ (AZN 103.853 thousand). The share of these types of insurance in total insurance premiums made 48%, 34% and 8.8%.

The major amount of payments were carried out on â€œInsurance fraud personnelâ€(AZN 6.617 or 66%) and â€œInsurance of goods (transportation)â€ (AZN 2.511 or 25%).

Remind that, the Chartis Azerbaijan insurance company has been in operation since 1999. In November 2010 the company changed its brand name. Among the founders were Caravan Investment (51%) and American International Group Inc. (49%). Subsequently Caravan Investment sold its share to American International Group Inc.