Third life-insurance company appears in Azerbaijani market
Azerbaijan, Baku, Feb. 15 /Trend, I.Khalilova/
Azerbaijan Ministry of Financeissued a license to PAŞA Həyat Sığorta to conduct insurance activities in the field of life-insurance for five years, the Ministry said on Tuesday.
As a result, the third company specializing in life insurance appeared in the insurance market of Azerbaijan. At present, only three companies render life insurance services - Atesgah Heyat, PAŞA Həyat Sığorta and Qala Heyat.
In accordance with the Law on insurance activities, after March 2011, only specialized companies can be engaged in life insurance.
PAŞA Həyat Sığorta is the most capitalized company among the life-companies. It entered the market with a capital of seven million manat.
Despite the Finance Ministry's requirement for the capitalization of the newly established insurance companies is at the level of five million manat, such a decision was made by Pasha Heyat Sigorta's sole shareholder Pasha Holding, Pasha Sigorta CEO Nofel Rzayev said earlier.
The company's initial portfolio will consist of charges for life insurance, which will be shaped today by Pasha Sigorta.
Rzayev said Pasha Sigorta has permission for life insurance and this portfolio, formed at about 300,000 manat, will be transferred to the life company. In addition, Pasha Heyat Sıgorta is developing new products, which will be announced after obtaining the license, as well as its plans within the approved three-year business strategy.
"Given the experience of Pasa Sigorta in life insurance, we have very good partnerships with leading life insurers, in particular with the German companies, such as Allianz and Gen Re Life," Rzayev said. "This business partnership will continue with Pasa Heyat Sigorta, and they don't involve investment cooperation." Pasa Heyat Sigorta staff has undertaken a training program in these foreign insurance companies.
Pasha Sigorta is a member of Pasha Holding. It offers 31 types of insurance services to corporate and individual clients. The company's authorized capital is 20 million manat, with total assets of 28 million manat, and it is among the country's three leading insurers in terms of capitalization, maintaining, at the same time, one of the highest profit levels in the country's insurance sector.
Pasha Sigorta has been certified by Moody's as having attained the ISO 9001:2000 standard since 2007. Pasha Sigorta is also a participant of the U.N. Global Compact Initiative for the protection of human rights, the environment and countering corruption.
The official exchange rate is 0.7954 manat to $1.