Azerbaijan, Baku, Dec.27/ Trend U. Ismaylova /
The second Azerbaijani insurance company dealing exclusively with life insurance, Qala Heyat signed its first agreement, the company's board chairman, Abbas Babayev said at a press conference today.
"The agreement was signed with the Qarant Sıgorta insurance company to render services on compulsory insurance against disability resulting from occupational diseases and accidents at the work," Babayev said.
The contractual sum involved was not mentioned.
Qala Heyat intends to increase its portfolio on both compulsory and voluntary types of insurance. Qala Heyat plans to cover 20 percent of the life insurance market in the country by late 2011 .
The company reorganized itself along the lines of Qala Sigorta's activity
At present, the company's authorized capital stands at 3.5 million manat. Future expectations are that this amount will increase it at the expense of shareholders' funds, Babayev said.
The Finance Ministry issued a license to JSC "Qala Sigorta" for conducting insurance activities on July 31, 2008. The State Insurance service issued a license to Qala Heyat on Nov.30, 2010.
The founder of the company is the only reinsurance company in Azerbaijan, AZRE Tekrarsigorta. Their authorized capital stands at 3.5 million manat.
Qarant Sigorta Insurance Company received its licence to conduct insurance business in November 2007 from the Azerbaijani Ministry of Finance. Qarant Sigorta is part of ZQAN Holdings. The company provides services on 18 voluntary and 4 compulsory insurance packages.
The official exchange rate on Dec. 27 is 0.7985 manat.