Azerbaijani insurance company to launch life insurance company by 2011

Business Materials 12 June 2009 17:33 (UTC +04:00)

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

One of Azerbaijan's giant insurance company Pasha Sigorta will launch its subsidiary to be engaged in only Life insurance by early 2011, Chairman of the company's board Nofel Rzayev said on June12.

"Founders have made this decision in line with a strategic plan," Rzayev said.

Rzayev said at present the volume of the company's collections on life insurance is 4 percent of the total premium.

Establishment of separate Life companies in Azerbaijan is envisaged by the Law on "Insurance Activity" adopted in March 2008. Atesgah is the first company which opened subsidiary Life-company Atesgah Heyat. The company was established as a result of portfolio exchange between Atesgah and Kavkaz Sigorta which belong to the staff of ISR Holding company.

Pasha Sigorta, part of Pasha Holding, provides 30 types of insurance services to corporate and individual clients through central office in Baku and service offices in Sumgayit and Khirdalan. The company ranks among top ten insurers with an authorized capital of 9 million manat and the total capital of 11.5 million manat.

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

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