Finance

Finance

Chartis Azerbaijan insurance company sharply reduces payments last year

16 January 2012 13:24 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The volume of premiums collected by Chartis Azerbaijan insurance company (formerly known as AIG Caspian Insurance) in 2011 amounted to AZN 1.604 million, up 7.7% compared to 2010.

Director of Finance Department of the company Elmar Islam says during the reporting period, the volume of payments on insurance risks was reduced by 18 times and totaled AZN 15.086 million.

Last year, 43.6% or AZN 698.277 thousand fell on share of â€œProperty insurance against fire and other risksâ€, 43.7% or AZN 700.659 thousand on â€“ â€œGeneral liability insuranceâ€, 6.6% or AZN 106.770 thousand â€“ on â€œCompulsory insurance against fireâ€.

Most of the payments were carried out through the â€œInsurance against fraudulent actions of staffâ€( AZN 6.617 million or 0.4%), â€œCargo Insuranceâ€ (AZN 6.543 million or 0.4%) and â€œPersonal accident and illnesses insuranceâ€ (AZN 377 or 0.02%).

Remind that, Chartis Azerbaijan insurance company has been in operation since 1999. In November 2010, the company changed its brand name. The former founders of the company were Caravan Ä°nvestment (51%) and American International Group Ä°nc. (49%). Subsequently, Caravan Ä°nvestment sold its stake to American International Group Ä°nc. The authorized capital of Chartis Azerbaijan as of January 1, this year, amounted to AZN 6.787 million.