New life-insurance company hopes to cover 5-10 percent of life insurance market in Azerbaijan

Azerbaijan, Baku, July 22/ Trend, A.Akhundov /

Azerbaijani insurance company AzSıgorta, which plans to create an independent life insurance company and therefore appealed to the State Insurance Supervision Service of the Finance Ministry hopes to cover 5-10 percent of this market, the company's board chairman Abbas Babayev said.
"It is difficult to make forecasts, since it is unknown how many players will be in the market and what its volume will be. However, with the growing number of companies, we plan to cover 5-10 percent of the market," Babayev said.
At present, there are three life insurance companies that are licensed to provide such services. They are: Atesgah Heyat, Qala Heyat and Pasa Heyat.
Now the State Insurance Supervision Service considers appeals on creating life insurance companies received from AzSıgorta, Alfa Sıgorta, Ata Sıgorta and Standard Insurance. The International Insurance Company and Azerbaycan Senaye Sıgorta have similar plans.
The total amount of premiums for voluntary life insurance amounted to 1.52 million manat in the first half-year. The Azerbaijani insurance companies' premium for compulsory insurance and disability, resulting from occupational diseases and accidents at work, was 12.938 million manat in the first half of 2011. That is, today the share of compulsory insurance in life insurance has reached 90 percent.
The potential market for compulsory insurance is estimated at about 30 million manat. The existing three companies have covered almost half of the market in six months.
Babayev said compulsory life insurance types will be prospective for the new company.
"At present, the main share of premiums on life insurance accounts for compulsory insurance types, however, voluntary types are also developing. The future is in voluntary life insurance, therefore, we see perspective there," he said.
Babayev said the company is created with a authorized capital of five million manat, which corresponds to the minimum requirement. The only founder of the company is the AzSıgorta insurance company.
AzSıgorta was founded in November 2006. The company's employs are over 180 persons. It provides services on 32 voluntary and five types of compulsory insurance.
The official exchange rate is 0.7865 manat to $1 on July 22.

US slowing down Iran's fight with COVID-19 - gov't spokesman
US slowing down Iran's fight with COVID-19 - gov't spokesman
JCPOA Joint Commission decides to speed up talks
JCPOA Joint Commission decides to speed up talks
Iran not interested in long term JCPOA talks - MFA
Iran not interested in long term JCPOA talks - MFA
Loading Bars
Latest
Turkmenistan pays attention to dev’t of chemical industry
IDB eyes attracting new partners to join Economic Support Fund in Uzbekistan
Iran’s GTC shares data on volume rapeseed purchased from farmers
Kazakh Gas Refinery opens tender to buy lifting equipment
Romania’s oil imports from Azerbaijan revealed
Georgia reports over 1,800 new COVID-19 cases
Ban on buckwheat imports from Russia not to affect Georgian market
Azerbaijani oil prices continue to grow
Azerbaijani currency rates for May 6
Uzbekistan, Japan eye exchanging experience in cultivation of various crops
Azerbaijan’s oils supplies to Greece in Eurostat’s estimates
Turkey discloses number of ships docking at Kocaeli port in 1Q2021
Georgia not to impose new restrictions for businesses at this stage
UK, India to strengthen bilateral cooperation with new enhanced partnership: UK Govt
Portugal imports over 80M euros worth petroleum oils from Azerbaijan
Armenian church intact in Azerbaijan's Hadrut after Karabakh war - Russian media
Indian EAM discusses Indo-Pacific strategic landscape at first India-France-Australia Trilateral Ministerial Dialogue
India, EU reiterate call for immediate and permanent ceasefire in Afghanistan
UK, India agree on partnership to boost work visas for Indian nationals, enhance migration cooperation
3 US Senators Urge Biden Administration To Accelerate COVID-19 Assistance To India
OPEC+ set to further wind down its cuts over H2 2021
India, UK deepen work to combat climate change by 2030
Kazakhstan to increase annual online auctions for subsoil use
New variety of cotton bred in Turkmenistan
Analyst talks OSCE MG's actions, following agreement between Azerbaijan, Armenia, Russia
Iranian currency rates for May 6
Kazakhstan's NCOC launches project to reduce impact on environment
Alarm for Big Oil: Remaining reserves can be lost in 15 years
Carbon capture doesn’t suit many smaller operators due to additional cost
Uzbekistan, Latvia expanding partnership in international road transport
Media reps to get acquainted with construction of road to Azerbaijan's Shusha
Analysts not excluding possible meeting between Russian, US presidents in Azerbaijan
Uzbekistan reveals COVID-19 data for May 6
Support package for Iran's capital market could positively affect demands - IMIDRO
Kaltura files again for Nasdaq IPO
First batch of Russia’s Sputnik V coronavirus vaccine arrives in Guatemala
Oil prices rise as U.S. crude oil inventory draws down
Bank of England to say UK recovery is accelerating
Reintegration of Karabakh into Azerbaijan's economy to positively impact non-oil GDP
Chair of Azerbaijani parliament meets Georgian PM (PHOTO)
Turkey’s COVID-19 cases declined significantly: Health Minister
IAEA delegation to visit Iran: report
Economy Minister: Georgia to be first in region to have safe tourist industry
President of Kyrgyzstan Sadyr Zhaparov arrives in Batken
Kazakhstan taking measures to boost drinking water reserves
SpaceX’s Starship prototype lands successfully during trials in Texas
WHO, Germany launch new global hub for pandemic, epidemic intelligence
38 illegal immigrants rescued off SE Tunisia
5.1-magnitude quake hits Southwest Indian Ridge
Israel reports 73 new COVID-19 cases, 838,761 in total
WHO records over 721,000 new daily cases of COVID-19 worldwide
EU medicine regulator starts rolling review of Sinovac COVID-19 vaccine
Qatar reports 645 new COVID-19 cases, 208,877 in total
Central Bank of Iran shares data on impact of oil exports on economic performance
UK records another 2,144 coronavirus cases, 27 deaths
Turkish president, German chancellor discuss bilateral ties, regional issues
OSCE Minsk Group Co-Chairs welcome release of Armenian detainees
Ombudsman prepares report on hate crimes, hostile approach towards Azerbaijanis
Egypt will bring a royal mummy to Expo 2020 in Dubai
Uzbekistan’s 1Q2021 vegetable production revealed
Uzbekistan notes threefold increase in balance of mortgage loans repayment
Georgia sees increase in imports of buckwheat in 1Q2021
Review of regulations to improve Iran home appliances production - official
President Sadyr Zhaparov signs decree on Cabinet of Ministers of Kyrgyzstan
Austria interested in participating in projects in Turkmenistan
Azerbaijani, Georgian peoples live in peace and friendship - PM
Azerbaijan approves renewed make-up of joint commissions with several countries
Azerbaijan to hold webinar on "New Opportunities for Startup"
Azerbaijan discloses data on construction work carried out by private enterprises in Baku
Russian, Turkish presidents discuss issues related to Karabakh
Iran’s Bahar Azadi gold coin price falls
Azerbaijani Finance Ministry places medium-term bonds on auction
Iran's Energy Exchange announces products to be on sale on May 8
Azerbaijan has very responsible approach to ensuring cybersecurity - Kaspersky Lab
Georgian organic farm begins production of sunflower oil
Iran approves projects on establishment of trade zones
Azerbaijani minister names amount of government spending to restore Karabakh in 2021
Canada reveals volume of bilateral trade with Georgia
Georgian Minister of Agriculture talks success of German businesses
Hungarian airline Wizz Air to resume flights from Georgia's Kutaisi International Airport
European Parliament acting unfairly by calling Armenian terrorists "POWs" - MP
Eurostat names amount of petroleum oils imports by EU countries from Turkmenistan
Activities of trade markets between Iran, Pakistan to contribute to trade –Deputy Minister
Kazakhstan investing in Georgian ports, specifically in Batumi oil terminal
Georgia expects increase in low-cost airlines during summer season
Georgia NCC and NATO-EU Information Center to implement joint projects
Iraq commits to return Iran's debts
US welcomes Azerbaijan’s release of three Armenian detainees
Iran's TEDPIX index sees gains
Volume of raw silk cocoon to be produced in Iran revealed
Shameful monument to fascist Nzhdeh in Karabakh must be demolished - Russian media outlet
Shekel weakens after Yellen rate remarks
Flydubai expands network to over 80 destinations, resumes flights to Russia and Iran
Azerbaijan wraps up investigation on Lebanese mercenary who fought in Karabakh on Armenian side
Blue Origin to begin space tourism ticket sales Wednesday
Navoi Mining and Metallurgical Combine leads among Uzbekistan’s taxpayers
Meeting between Azerbaijani, Georgian foreign ministers being held
Azerbaijan shares data on number of vaccinated citizens for May 5
Relations between peoples of Azerbaijan, Georgia based on long history - President Aliyev
Azerbaijan confirms 1,080 more COVID-19 cases, 2,074 recoveries
All news