Azerbaijan company signs 900 contracts for insure on labor ability loss in production

Azerbaijan, Baku, Feb. 21 / Trend U.Ismayilova /
Azerbaijani Insurance Company Qala Heyat engaged exclusively in life insurance, which concluded the first agreement on compulsory insurance on labor ability loss in production on Dec. 28, 2010, already signed 900 contracts for this type of insurance as of Feb1, member of the Board of Directors Vusal Abbasov said on Monday.

"The company has insured about 50,000 workers as part of the signed contracts," Abbasov said.

He said the amount of premiums received on these contracts amounted to about 300,000 manat
Representatives of all 14 risk groups defined in accordance with the law "On compulsory insurance on labor ability loss in production" are among the insured people, he said.

Abbasov faced difficulty to disclose forecasts on fees for this type of insurance by latev 2011, as this is a new kind of insurance services in the market.

Shareholder of Qala Heyat, the second Life-company in Azerbaijan after Atesgah Heyat, is the only reinsurance company AzRe TekrarSigorta. The company has licenses to provide five types of voluntary services (from accidents, by age, work ability, of incurable diseases and life insurance borrowers of mortgage loans), as well as one type of compulsory (on labor ability loss in production).
The company's authorized capital is 3.5 million manat. Qala Heyat's capital will be raised to five million manat up to Jan.1, 2013.
The official exchange rate is 0.7948 manat to $1 Feb. 21.