Azerbaijani company plans to bring share of voluntary life-insurance up to 30 percent

Business Materials 12 July 2011 13:46 (UTC +04:00)

Azerbaijan, Baku, July 12 / Trend A. Akhundov /

The Azerbaijani Life Insurance Company "Pasa Heyat" plans to bring the share of voluntary life-insurance in its portfolio up to 30 percent by the end of 2011, deputy chairman Pasa Heyat Niyaz Ismayilov told Trend.

"We have already begun working to provide various forms of voluntary insurance - accumulated life insurance and life insurance of people who have taken loans from banks," Ismayilov said. "We have already implemented accumulated life insurance services this month."

Ismayilov said that the company plans to raise premiums by 8-9 million manat by late 2011.
According to the State Insurance Supervision Service under the Azerbaijani Ministry of Finance in January-May, the company collected premiums to the amount of 6.12 million manat.

PASA Heyat Sıgorta is among the most capitalized life companies in the country (Atesgah Heyat and Qala Heyat). It entered the market in February 2011 with a capital of 7 million manat. The sole shareholder and the holder of the new company is Pasa Holding.