Baku, Azerbaijan, March 10
By Abbas Akhundov - Trend:
The comprehensive income of Azerbaijani insurance companies made 60.5 million manat in 2013 which exceeds the figure in 2012 by 49 percent.
This was said by Deputy Head of the State Insurance Supervision Service under the Azerbaijan Ministry of Finances Mushfig Israfilov on March 7 while speaking at an event in Baku dedicated to the results of activity of the Compulsory Insurance Bureau in 2013 and its tasks in 2014.
According to him, insurers' assets increased by 19.5 percent in 2013, reaching 717.8 million manat and the total share capital of insurance companies increased nine percent over the period to 320.7 million manat, according to Israfilov.
As of 2013, the total premiums of all insurance companies operating in the country made up 405.68 million, an annual growth of 18.44 per cent and payments were made to the sum of 122.8 million, a 30.83 per cent growth during the reporting period.
The Compulsory Insurance Bureau was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance' which regulates four types such as real estate, liability of owners of vehicles (CTP), passenger insurance and civil liability insurance in the operation of real estate.
ISB includes 14 companies.
The official exchange rate on March 7 is 0, 7844 AZN/USD.
Translated by S.I.
Edited by S.M.
