Baku, Azerbaijan, June 28
By Anvar Mammadov – Trend:
Azerbaijan Industrial Insurance OJSC intends to develop agricultural insurance, Kamran Babayev, chairman of the company’s board, told Trend.
He said that the company has a big portfolio of agricultural insurance, and it is waiting for the introduction of a new model of agricultural insurance in order to work more actively in this direction.
“We have collected quite a big portfolio of insurance of agricultural plants, which makes about 85 percent of all premiums for this type of insurance in the market,” Babayev said. “However, high risks and the absence of any standards for their calculation don’t allow us to actively develop this direction. After the creation of the Agricultural Insurance Fund and the introduction of a new model of agricultural insurance, we intend to work in this area.”
Touching upon the results of the company’s activity for the first five months of this year, Babayev noted that the insurance company managed to exceed the forecasts for insurance premiums and profit.
“For five months of this year, our insurance premiums exceeded the forecast figures, and insurance payments corresponded to the forecast - there were no emergency payments,” Babayev said. “In addition, our profit for five months also exceeded our expectations.”
In May 2018, premiums in Azerbaijan’s agriculture insurance market amounted to 1.56 million manats with payments of 282,900 manats, according to the Financial Market Supervisory Authority of Azerbaijan (FIMSA). At the same time, insurance of agricultural plants accounted for 617,300 manats of premiums and 64,400 manats of payments.
In January-May 2018, Azerbaijan Industrial Insurance OJSC collected insurance premiums worth 3.7 million manats with payments worth 864,900 manats.
(1.7 manats = 1 USD on June 28)
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