Azerbaijani insurance company to preserve leadership in voluntary life insurance

Business Materials 13 July 2011 15:06 (UTC +04:00)

Azerbaijan, Baku, July 13 / Trend A. Akhundov /

The Azerbaijani Atesgah Heyat Life Insurance Company intends to maintain its leadership position on the voluntary life insurance market, Chairman Akbar Madatli told Trend.

"Last year, the company collected 1 million manat on voluntary life insurance," he said. "This year we expect to get 1-1.2 million manat, in general, 7-8 million manat (including premiums for compulsory insurance)."

Madatli thinks that other two life insurance companies Pasa Heyat and Qala Heyat will collect 1 million manat on voluntary kinds of insurance.

"This is the maximum, because as far as I know, they have not begun active work for voluntary insurance yet, but they plan to use new products," Madatli said.

He said that the company expects 30 percent of the total insured amount of life insurance as of the year.

He said that the company will develop new products, if necessary, i.e. demand in the market. But there is no demand for new products, so this year the company has no plans to introduce new products.

"We sell some life insurance products," he said. "The most popular of them is the mandatory form and the second is life insurance."

Atesgah Heyat Sigorta Sirketi was established in early 2008. The only founder of the company is the insurance company Ateshgah Sigorta Sirketi, whose shareholders are ISR the Holding, SOCAR and RAN-Eksim.