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PASHA Heyat insurance company intends to cover third part of life insurance in Azerbaijan

Business Materials 17 February 2011 12:51 (UTC +04:00)

Azerbaijan, Baku, Feb. 17 / Trend U. Ismayilova /
Trend interviewed chairman of board of Pasha Heyat Sigorta insurance company Mursal Rustamov
Q: PASHA Heyat Sigorta has launched its activity from February 15. What are the plans for the nearest future?

A: At present, it is too early to talk about any forecasts in terms of fees and profits of the company for the current year. But the share of our company in these fees will hit not less than 30 percent if we take into account that according to the official forecasts of the State Insurance Supervision Service, the premiums for compulsory insurance against disability resulting from occupational diseases and industrial accidents amount to 30-40 million manat.

But in any case, the company will regularly conduct the enlightenment work among the population, particularly among employers about the importance, advantages of this type of insurance services. I think the role of the Labour Inspectorate under the Azerbaijani Ministry of Labour and Social Protection is very important in this issue. It stated about imposing penalties on employers evading from insuring the staff to the amount of 1,500 manat.

The activity of the Labour Inspectorate plays an important role in promoting a new kind of insurance services. Despite introducing the law, as well as its applying, some entrepreneurs are not even aware of the new form of insurance services. At present, our company seriously operates to raise awareness about life insurance, in particular on compulsory insurance against disability resulting from occupational diseases and industrial accidents.
Q: It is known that PASHA Sigorta intends to give you a formed portfolio on life insurance to the amount of 300,000 manat. Has the company received these risks?

A: Pasha Heyat Sigorta started its activity only yesterday and with zero portfolio. It has already concluded ten agreements on compulsory insurance against disability resulting from occupational diseases and industrial accidents. Pasha Sigorta will give the portfolio of fees for life insurance of our company in the nearest future.
Q: Does your company plan to establish partnership with any local agent company to sell insurance policies for life insurance?

A: At present, our company sells its policies through its employees. We plan to exchange customers with Pasha Sigorta, as we enter into one holding company. At present, we have no agreement with any agency company. We do not even think about it.
Q: When does PASHA Heyat Sigorta plan to gain the profit?

A: Everyone knows that life insurance companies can expect for gaining profit only in five years. Our company will not be the exception. But during this period, the company will receive some income from investments, in particular through dividends on deposits in banks and state securities.

Q: Your company is one of the first life insurance, which was not established on the basis of the already existing insurance company. What measures are planned to be made for the active promotion of life insurance and public awareness?

A: Our company is the first life insurance company established after the law "Insurance activity" was adopted. It indicates to creating of specialized life insurance companies. Two operating life-companies were created by changing the profile. Creating the specialized life insurance companies on the insurance market has already formed the notion of "life insurance". Many people do not even know about insurance. It may be connected with the national mentality. But today the concept of "insurance" has become quite urgent, as many people began to think about education and other expenses for the child, requiring the accumulation of certain funds. The accumulative life insurance may be just such a tool.

We intend to intensify the company's website soon. There will be the information about the situation on the insurance market. Besides the information, there will be a calculator for all types of life insurance. The potential insurers will be able to calculate tariffs. The company also organizes a presentation of its products, which may be presented to all concerned people. We are ready to provide the public with information. The enlightenment work will be conducted among physical and legal entities.
Q: Until now, the share of life insurance in the total amount of insurance fees has not exceeded one percent. Will this index change with increasing number of life insurance companies, as well as introducing new products?

A: I think this figure will increase by at least 10-15 percent in 2011 due to intensifying the life insurance companies' activity on the insurance market of the country. Their share will be increased if one adds more premiums on compulsory insurance against disability resulting from occupational diseases and industrial accidents.

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