Azerbaijani Insurance Company Develops New Products for Market

Business Materials 18 September 2008 15:59 (UTC +04:00)

Azerbaijan, Baku, 18 September / Trend corr. U.Ismayilova / AIG Caspian Insurance company of Azerbaijan will introduce micro financing in the country, a source from company said.

"Micro financing will cover micro and small business loans issued by banks," is stated in AIG Caspian Insurance.

AIG Caspian Insurance is to introduce this type of insurance despite of the risk rate.

The new product will insure loans and borrowers from incident.

Microfinance refers to the provision of financial services to poor or low-income clients, including consumers and the self-employed. The term also refers to the practice of sustainably delivering those services. More broadly, it refers to a movement that envisions "a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services, including not just credit but also savings , insurance , and fund transfers ."

The founders of AIG Caspian Insurance are Azerbaijan 51% and American Insurance Group (AIG) - 49%. The authorized capital of the company is AZN 3.5mln.

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