Silk Way Insurance gets 10% rise in premiums

Silk Way Insurance gets 10% rise in premiums
# 28 September 2012 15:27 (UTC +04:00)
Baku. Elnur Huseynguliyev – APA-Economics. Amount of the premiums of the Azerbaijani Silk Way Insurance in January-August, 2012 made AZN 7,365 mln, this figure is higher by 9,1% than the indicator of previous year.

The head office of the company told APA-Economics that during the reporting year, AZN 3,677 mln was collected on “Insurance of air transport, AZN 2,425 mln - “Liability insurance of air transport”, AZN 566,861 thousands - “property insurance against fire and other risks”, AZN 180,592 thousands - “Compulsory insurance of immovable property”, AZN 128,204 thousands – “Motor insurance”, AZN 114,362 thousands - “Mandatory individual insurance of passengers”, AZN 98,215 thousands – “Insurance of general liability”, AZN 90,705 thousands – “Civil liability insurance of vehicle owners”, AZN 23,118 thousands - “Insurance of individual accidents and diseases”, AZN 20,91 thousands “Cargo insurance” and AZN 13,663 mln – “Medical Insurance”.

With regard to payments for insurance claims, the volume decreased by 38.5% to AZN 1.762 mln. In the structure of pay the largest amount of funds disbursed under the “Liability insurance of air transport” (AZN 1.190 mln), "Insurance of air transport" (AZN 547.422 thousands), “motor insurance” (AZN 22.308 thousands), “Insurance civil liability of owners of motor vehicles” (AZN 2.640 thousands).

During the reporting period the amount of insurance payments on voluntary types made AZN 6.956 mln and types of compulsory insurance AZN 408.129 thousands. AZN 1.760 mln were paid for voluntary insurance, AZN 2.640 thousands fot types of compulsory insurance.

Silk Way Insurance OJSC was established in 1995 as AZAL Insurance and in July, 2011, it was renamed to Silk Way Insurance OJSC. At present the company is functioning on 25 types of voluntary and 5 types of compulsory insurance. The authorized capital of he company is AZN 12.093 mln.
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