New Azerbaijani Insurance Company to Insure Risks on Financial and Construction Markets

Business Materials 10 November 2008 17:17 (UTC +04:00)

Azerbaijan, Baku, 10 November / Trend , ocrr. U.Ismayilova / "A new Azerbaijani Gala Sigorta OJSC insurance company, which has been operating on the insurance market in Azerbaijan since July 2008, is to apply to the Azerbaijani Finance Ministry to obtain a license to carry out additional three types of insurance activity in the country," Abbas Bagirov, the Chairman of OJSC Management Board, said on 10 November.

"At present, the company develops new rules to obtain a license to insure tourists, construction- repair and financial risks," Bagirov said.

The decision was taken due to increase in demand of risks resulted by the worldwide financial crisis.

Gala Sigorta got a license on insurance activity from the Finance Ministry on 31 July. The one re-insurance AzRe Tekrarsigorta company is the founder of the company. Gala Sigorta's authorized capital is AZN1mln.

The first Azerbaijan's re-insurance AzRe company obtained a license from the Finance Ministry on 7 November 2007. The company's authorized capital is AZN 2mln. Shareholders of the company are individuals. Company renders Non-life insurance to local and regional insurance, re-insurance companies and re-insurance mediators.

On 10 November, the official currency rate is 0.8076 AZN/USD.

The correspondent can be contacted at: [email protected]