Anglo-Azerbaijani Insurance Company works over new product in medical insurance

Business Materials 21 July 2011 17:49 (UTC +04:00)

Azerbaijan, Baku, July 21 / Trend A. Akhundov /

The joint Anglo-Azerbaijani Insurance Company Temza Sıgorta Qrupu works to introduce a new product in health insurance, chairman of the company's board Samir Mustafayev told Trend.

"Our client base has recently shattered in the area of health insurance," he said. "We want to restore it and to make this type of insurance more dynamic. We are working on it."

He said that the company conducts dialogues with new clinics.

"This product will be much better, because health care will be provided at home," Mustafayev said.

He said that the company also works to improve the product on CASCO.

"We are working over these projects," he said. "But they will be launched in autumn, after the issue with a capitalization is resolved."

British Glencarron Group Limited owns a 49 percent stake in the authorized capital of Insurance Company Temza Sigorta Qrupu. Temza Sigorta Qrupu has been operating on the insurance market of Azerbaijan since 1996. Azerbaijan's share holding is owned by the local physical entity and legal entity (Gala Investment). The authorized capital is 0.9 million.

The Azerbaijani Ministry of Finance made changes to the minimum capitalization requirements of insurance and reinsurance companies. According to them, the capital of insurance companies as of January 1, 2011 must be provided at the level of 3 million manat (earlier 3.5 million manat), as of January 1, 2012 - 4 million manat (5 million manat).