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AzInsurance to start paying compensations to quake victims soon [UPDATE]

8 February 2019 15:27 (UTC+04:00)
AzInsurance to start paying compensations to quake victims soon [UPDATE]

By Trend

AzInsurance, Azerbaijan’s insurance company, will start paying to the victims of the recent earthquakes in Azerbaijan next week, chairman of the company’s board Anar Talibov said at a press conference, Trend reports Feb. 8.

He said that the number of appeals to the company has already exceeded 70.

“An operational response team was assembled,” he noted. “The damage is being assessed.”

According to preliminary estimates, the minimum amount of insurance payments for each insured event will be about 1,000–1,500 manats, while the maximum amount will be about 30,000 manats, he said.

“The smallest number of insured events in terms of payments accounts for the share of owners of private houses,” he noted. “This figure doesn’t even reach 10 percent. Unfortunately, despite that this type of insurance is compulsory, many people don’t show much interest in it.”

In turn, chairman of the company’s board of directors Viladi Maniyev added that last year a major insured event on real estate was recorded in the company’s history, and the company repaid the damage worth about 1 million manat to the injured party.

“The earthquake in a sense increases interest in insurance services,” he said. “As is known, the state provided financial assistance worth 2 million manats to earthquake victims. However, people should receive these funds from insurance companies. We very much hope that people’s thinking about risk insurance will change. Efficiency of the insurance is quite easy to calculate. For example, having insured a house for 50 manats, the insured receives a guarantee worth 25,000 manats. In fact, 50 manats isn’t such a big amount to save money and take risks.”

According to preliminary data from the Republican Seismic Survey Center, five earthquakes have been recorded since Feb. 5, with the first one, a 4-point earthquake, being recorded at 23:19 (GMT+4), 7 km south of the Pirgulu station, in the territory of Aghsu district. The aftershock’s epicenter was located at a depth of 10 km, and was felt at its epicenter at a magnitude of 5, and 4.3 in its vicinity.

The last earthquake was recorded at 04:25 (GMT+4), 9 km south of the Pirgulu station, in the territory of Ismayilli region.

Three of the earthquakes were felt.

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