Azerbaijan, Baku, Aug. 28 / Trend A.Akhundov /
Life insurance may be one of the most popular types of insurance in Azerbaijan in the coming years, CEO of the Azerbaijani only life insurance company Ateshgah Life Ayten Huseynova told Trend.
"The volume of life insurance reaches 60 percent of total premiums in foreign countries and about 90 percent of people accumulate money in time-tested insurance companies in countries with the developed economies. Unfortunately, to date, this type of insurance is not well developed in Azerbaijan, but it is quite promising segment and may be one of the most popular in the coming years. This will lead to a disproportionate growth of the volume of the market's premiums," she said.
The company develops new insurance products and increases sales through various channels for greater coverage of the life insurance market, Huseynova said.
"I would be happy if there were professional insurers for life insurance in the country's market, healthy competition will inevitably lead to development," she added.
"It is important that the life insurance products will cover all segments of the population of different age groups," Huseynova said.
Huseynova said the public confidence in financial institutions is gradually returning, as exemplified by the active development of the banking sector.
The company collected about 500,000 manat in 2009 and the figure was 600,000 manat in the first seven months of 2010. Ateshgah Life plans to collect 1.4 million manat by late 2010
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. Today, the company's authorized capital is 2.3 million manat.
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