Another insurance company joins Azerbaijan Compulsory Insurance Bureau
Baku, Azerbaijan, Dec. 14
By Anvar Mammadov - Trend:
Qala Insurance company (former Chartis Azerbaijan) has become a member of the Compulsory Insurance Bureau of Azerbaijan, said the message of the bureau published Dec.14 on its website.
Chartis Azerbaijan was the subsidiary of American International Group, Inc. (AIG Inc) which is a large international organization in the field of property and personal insurance (insurance other than life insurance), serving over 40 million customers in more than 160 countries and jurisdictions.
The company with its 90-year history helps both corporate clients and private persons confidently manage any risks. It offers a wide range of products and services and has knowledge of the settlement of losses and high financial stability.
The only reinsurance company in Azerbaijan - AzRe Tekrarsigorta JSC obtained 100 percent of shares of Chartis Azerbaijan insurance company for $6.5 million in September 2015.
The message said that the insurance company will provide services regarding real estate compulsory insurance and civil liability compulsory insurance in connection with the operation of real estate.
Head of the Board of the Qala Insurance Viladi Maniyev told Trend that the insurance company will begin to provide compulsory insurance services starting from 2016.
"We have not yet received a license for the provision of compulsory insurance services, as now licenses are issued by the Ministry of Economy and Industry of Azerbaijan through ASAN Service," said Maniyev. "We have an indefinite license for insurance activities, it is only necessary to change its name. In addition, now we work to restore the system and carry out other technical work as well."
He said that the insurance company is going to remain in the corporate segment of the Azerbaijani insurance market.
"We are not going to enter the retail market for now, and therefore we don't see the need to provide Compulsory Third Party (CTP) insurance services," said Maniyev.
Fees of the Chartis Azerbaijan company in January-October 2015 amounted to 62,130 manats with payments in the amount of 53,340 manats, according to the State Insurance Supervision Service of Azerbaijan.
The official exchange rate for December 14 is 1.0494 AZN/USD.