Home Insurance Develops Slowly

Extremely slow is the process of concluding agreements on compulsory insurance of private housing.

In an interview with the website of the party "Yeni Azerbaijan" the chairman of state commercial insurance company "Azersigorta" Mamed Mamedov said that his organization in 7 months of the year concluded with the citizens 30,250 contracts, which resulted in the income of 1 million 153 thousand manat.

Judging by the ratio of the number and the collected amount (in the capital the annual fee is AZN 40, and in the province - AZN 30), the contracts were mainly concluded with residents of the capital. In Yevlakh they signed 1,245, in Shirvan - 800, in Gadabay - 964, in Yardimli - 919, in Agstafa - 786, and in Gazakh - 647 contracts. In other areas there is no progress, and the reason is the weak educational program. It is the only organization whose offices are located in 80 regional centers and towns.

The backlog of this position is significant in the official financial sources - according to the State Insurance Supervision Service, in this position all the 12 companies participating in the Compulsory Insurance Office collected in January and July 5 million 527.78 thousand manat, and mandatory liability insurance of vehicle owners collected much more - AZN 41 million 95.05 thousand.

Of these 29 thousand contracts were concluded for insurance of houses and flats (1 million 21 thousand) and 1,260 thousand were concluded for non-residential properties (AZN 131.41 thousand).

Aggregate payments for the reported period amounted to 112 cases of 295.7 thousand manat. Of these, 149,854 manat was paid to 93 owners of property affected by the earthquake in Zagatala, Balaken and Gakh.

According to the Chairman of the Board, its share of the local insurance market is 9%.

"Azersigorta" was founded in 1991. The company for the years 2009-2011 was the leader in Azerbaijan in terms of premiums collected and insurance payments made. The company has a license to provide services on 28 voluntary and 10 compulsory items of insurance.

"Azersigorta" on March 28, 2012 received a license to provide services on three types of compulsory insurance, including insurance of immovable property belonging to citizens. - 17D-