Azerbaijani insurance company plans to increase premiums by late 2011
Azerbaijan, Baku, Feb.21 / Trend U. Ismayilova /
Azerbaijani insurance company Pasha Heyat, which commenced its activity from Feb. 14, 2011, has signed more than 20 contracts on mandatory insurance and disability resulting from occupational diseases and industrial accidents, Deputy Chairman of the Board Niyaz Ismailov said on Monday.
"On these contracts the company has insured more than 5,000 people," Ismayilov said.
According to him, the premiums on these contracts amounted to 100,000 manat. By late 2011, Pasha Heyat plans to collect premiums in the amount of more than 7 million manat on the compulsory insurance and disability resulting from occupational diseases and industrial accidents.
The founder of Pasha Heyat, the third life insurance company in Azerbaijan, is Pasha Holding. The authorized capital of the company hits 7 million manat. Pasha Holding also includes an insurance company, Pasha Sigorta, which in March will transfer its portfolio on life insurance to Pasha Heyat.
The official exchange rate on Feb. 21 is 0.7948 manat to $1.