Azerbaijani AzSigorta Company prepares to introduce life insurance

Business Materials 12 June 2009 12:45 (UTC +04:00)

Azerbaijan, Baku, June 12 / Trend N. Ismayilova /

Azerbaijani insurance company AzSigorta plans to insure life from 2010, the company's board deputy chairman Khayal Mammadkhanli said.

"We will insure life in 2010 as we think there is necessity in this kind of insurance," Mammadkhanli said.

The company has already launched preparation in project on life insurance. Presently, it is under consideration of legal and technical procedures, he said.

"First share holders of the company approved these plans, including allocation of 5 million manat for capitalization of specialized insurance company to be created for these purposes," he said.

The company intended to introduce this service from this year. But leadership of AzSigorta decided to postpone them for 2010 because of world financial crisis, he said.

The company will insure pensions that are also in demand on the market besides life insurance.

AzSigorta operates on the country's insurance market from November 2006. Presently, 8 branches of the company, as well as 40 regional representations operate in different regions of the country. AzSigorta renders 28 kinds of insurance service, three of them are obligatory.

On June 12, the official exchange rate is 0.8038 manat to $1.  

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