Azerbaijani life company stresses growing interest in accumulative life insurance

Business Materials 4 February 2013 11:25 (UTC +04:00)

Azerbaijan, Baku, Feb. 4 / Trend A. Akhundov /

Azerbaijani life insurance company Pasa Heyat stressed growing interest in accumulative life insurance in the country, head of the risk governance department at the company Parviz Guliyev said at a press conference on Friday.

Accumulative life insurance is insurance of life and health with the client's ability to accumulate a certain amount of money and to get guaranteed investment income at the end of the program.

"The interest in this type of investment is growing, but few people know about it," he said. "Time is required for this."

He added that the company invests money, raised through this kind of insurance, in bank deposits.

"Today, bank deposits are the most profitable way to invest the money," he said. "Securities market in the country is still underdeveloped and can not offer the tools of investment that would be of interest to us."

Pasa Heyat Sıgorta is the most capitalized company among life-companies in the country (Atesgah Heyat and Qala Heyat). It entered the market in February 2011 with a capital of seven million manat, but today its capital is 15.05 million manat.

Pasa Holding is the only shareholder and holder of the new company's shares.

The official exchange rate is 0,7844 AZN/USD on Feb. 4.