BAKU, Azerbaijan, Nov. 22
By Eldar Janashvili - Trend:
From January through October 2019, insurance premiums of Azerbaijan’s Qala Insurance company amounted to 19.2 million manat ($11.3 million), while 6.5 million manat ($3.8 million) less was collected in the same period last year, Trend reports referring to the company’s pages in social networks.
Over the year, the volume of insurance premiums increased by more than one and a half times.
At the end of last year, Deputy Chairman of the company’s Board Taleh Yusifov said that the company aims to increase the amount of premiums in 2019 to 18 million manat ($10.6 million). Thus, in the first ten months, the company’s annual plan has been exceeded by almost seven percent.
Also, during the reporting period, the company made insurance payments in the amount of 2.5 million manat ($1.5 million). Payments’ volume increased year on year by 64 percent.
Qala Insurance company has been operating since 1998, when Azerbaijan’s Caspian Insurance company and American International Group Inc. (AIG) created a joint venture to serve customers in Azerbaijan and Georgia.
The company was founded under the name AIG Caspian Insurance Company, in 2010 it was renamed as Chartis Azerbaijan, and since 2015 it is known under the Qala Insurance brand. In September 2015, Azerbaijan’s AzRe reinsurance company bought out Qala Insurance for 6.5 million manat ($3.8 million).
($1= 1.7 manat on Nov. 22)
