Finance

Finance

Silk Way Insurance increases market share

23 February 2012 10:22 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. In 2011, Azerbaijan-based Silk Way Insurance Companyâ€™s premiums stood at AZN 21.633 mln, up 79% from 2010.

Company says most f premium came from Air transport insurance (AZN 13.924 mln), insurance of civil responsibility of air transport owners (AZN 5.691 mln), Common civil responsibility insurance (AZN 834,800) and Vehicle insurance (AZN 221,850,000).

Payments on insurance accidents increased by 2.2 times to AZN 8.976 mln. Most of payments went to Air transport insurance (AZN 8.757 mln or 98%) and insurance of civil responsibility of air transport owners (AZN 177,050,000 or 2%).

Premiums from voluntary insurance types made AZN 21.356 mln, from compulsory insurance types â€“ AZN 277,354,000. All payments were implemented on voluntary insurance types.

Note that, market share of company on premium rose 2.35 percentage points to 10.13%, on payments â€“ by 7 percentage points to 14.58%.

Remind that, Silk Way Insurance has been in operation since 1995. The company operates 25 insurance types.