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Azerbaijan insurer puts life-assurance plans on hold

Business Materials 9 January 2012 15:30 (UTC +04:00)

Azerbaijan, Baku, Jan 9 /Trend A.Akhundov/

Azerbaijani insurance company Meqa Sığorta will develop business with both retailing and corporate clients in 2012, the company told Trend on Monday.

"The share of corporate clients varies depending on the type of insurance. For example, today it is 12.5 per cent on CASCO (insurance of vehicles against damage and theft), 33 per cent on property, 93 per cent health insurance and 27.5 per cent on compulsory types," the company said.

The company's portfolio was formed, mainly due to motor vehicle insurance (35 per cent), accident (38 per cent), voluntary health insurance (19.6 per cent) and property insurance against fire and other risks (4, 1 per cent) in 2011. In addition, the company has worked on other types, to provide services for which it is licensed. It will continue to develop their traditional list in 2012.

"We have no plans to engage in life insurance at the moment" the company said.

Earlier it announced plans to create a specialised life insurance company in the coming years as result of research conducted in 2011.

The Meqa Sığorta insurance company has operated under a new brand since October 2010 and is licensed to provide 29 types of insurance services, including four mandatory.
Official exchange rate on Jan 9 is 0.7864 AZN/USD

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