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Azerbaijan insurance company plans to up premiums

Business Materials 28 August 2010 10:21 (UTC +04:00)

Azerbaijan, Baku, Aug. 28 / Trend A.Akhundov

The Azerbaijani only life insurance company Ateshgah Life plans to collect 1.4 million manat by late 2010, Company CEO Ayten Huseynova told Trend.

"We intend to collect 1.4 million manat by late 2010. I think the plans are quite realistic and achievable," she said.

The company collected about 500,000 manat in 2009 and the figure was 600,000 manat in the first seven months of 2010, Huseynova said.

Huseynova said the company will raise the share capital in 2011.
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"Today, the company's authorized capital is 2.3 million manat. The next year it will be increased," she added.

A group of companies Ateshgah established a company specialized in life insurance in 2009 in accordance with new legislation. Thus, Ateshgah Life is the first and only insurance company in Azerbaijan, dealing exclusively with life insurance. Shareholders are UK ISR Holding Ltd. and the company RAN-EXIM.

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