New Insurance Company Enters Azerbaijani Market

Business Materials 28 August 2008 16:58 (UTC +04:00)

Azerbaijan, Baku, 28 August / Trend corr. U.Ismayilova / Qala Sigorta Open Joint Stock Company (OJSC), a new Azerbaijani insurance company, signed the first three contracts, Abbas Bagirov, the head of the company, said on 28 August.

"All contracts are policies on car insurance," Bagirov said.

According to the head of the company, the company is going to completes administrative issues and will begin active work at the market in September.

Qala Sigorta received license from the Finance Ministry on 31 July. AZRE tekrarsigorta, the only Azerbaijani reinsurance company is the founder of the company. The company's authorized capital makes up AZN 1mln.

On 7 November in 2007, the first Azerbaijani reinsurance company AzRe was granted a license from the Finance Ministry. The company's authorized capital amounts to AZN 2mln. Six individuals are shareholders of the company. The company offers Non-life insurance services both to local and regional insurance and reinsurance companies and reinsurance mediators.

At present, 28 insurance and one reinsurance companies function in Azerbaijan. According to the Finance Ministry, companies collected AZN 51.6mln premium with AZN 8.99mln payments in the first quarter of 2008.

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