Another company in Azerbaijan to offer life insurance

Business Materials 18 January 2012 15:18 (UTC +04:00)

Azerbaijan, Baku, Jan.18 /Trend A.Akhundov/

Azerbaijani Əmrah Sığorta plans to engage in life insurance, CEO Emil Agasiyev told Trend on Wednesday. Əmrah Sığorta was established by two individuals and has been operating in Azerbaijan since 1993

"There is no decision to build a separate life insurance company yet, but it is included in our plans" Mr Agasiyev said, adding that the company will no longer need to raise authorised capital this year. In early January Əmrah Sığorta increased its authorised capital to 4.5 million manat.

There are three life insurance companies in Azerbaijan licensed to provide services for compulsory insurance and disability resulting from occupational diseases and accidents at work. They are; Atəşgah Həyat, Qala Həyat and Paşa Həyat.

The State Insurance Supervision Service is currently considering several other proposals for the creation of life insurance companies..

Official exchange rate on Jan 18 is 0.7862 AZN/USD