Azerbaijan, Baku, August 19 / Trend U. Ismayilova /
One of Azerbaijan's biggest insurance companies, Atesgah Sigorta, has its subsidiary Atesgah Heyat dealing with life insurance. In October it intends to set up a special team to increase the activity of its life insurance company, the Chairman of Atesgah Sigorta's board, Azer Aliyev, said on August 19.
"An established group will work out a plan of action to intensify the activity of the company so it may form a distinct concept for life insurance and draw up strong human resources on which the development of this business depends," Aliyev said.
He said that at present, the company operates upon non-life insurance agreements earlier concluded by the Atesgah Sigorta company.
At present, Atesgah Heyat is the only company in Azerbaijan dealing exclusively in life insurance. It was set up on the exchange of life and non-life insurance of Atesgah Sigorta and Kavkaz Sigorta's portfolios in January 2009.
The company's authorized capital is 1 million manat. For first six months, the company's takings hit 0.1 million manat, not including pay-outs.
The establishment of separate life insurance companies was drawn up in the law on 'Insurance activity' approved in March 2008.
Life insurance shares on the Azerbaijani market are less than 1 percent. This is in connection with the poor development of insurance advertising in Azerbaijan and the population's preference for non-life insurance.
The Atesgah Sigorta insurance company was set up in 1996. The company's share holders are I.S.R. Holding Ltd (49 percent of shares), SOCAR (30 percent) and RAN-Eksim (21 percent). For the first six months, the company's premiums hit 6.86 million manat with payments of 2.19 million manats.
On August 19, the official exchange rate is 0.804 manat to $1.
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