Chartis Azerbaijan Trying to Stay Afloat

The volume of insurance premiums collected during the first half of the year by the company Chartis Azerbaijan decreased in comparison with the figure for the corresponding period of last year, nearly 173 thousand manats (down 24.7%), amounting to 554.95 thsd manats.

According to the company, in the structure of earnings premium for property insurance against fire and other risks amounted to 207.85 thsd manat, which is more than one-third (37.45%) of all premiums.

Cargo insurance harvested 62.1 thsd manat. At this year's top spot for the third year in a row there was liability to third parties. For example, professional liability insurance collected 221.12 thsd manat and general liability - 48.36 thsd manat, employers' liability insurance - 9.27 thsd manat.

Once on the strongest position, insurance against accidents and diseases0 collected only 2.4 thsd manat.

On all claims there were made AZN 382.14 thsd of insurance payments.

Almost all of the payments were made by fire and other risks related to property - 380.04 thousand manats.

This year, due to lack of membership in the Bureau of compulsory insurance is not collected premiums for compulsory insurance, and insurance is not made payments on insurance claims.

The insurance company Chartis Azerbaijan has been operating in Azerbaijan since 1999. Previously, instead there was a subsidiary of AIG (American International Group), providing services of general insurance (other than life insurance) in Azerbaijan.

Now, instead of an organization with 49 per cent of the British American capital there is a structure with 100% foreign (English) capital (filed October 15, 2010), which provides services for 10 types of insurance.

The authorized capital of the company amounts to 6 mln 786,500 manat. - 17D-