Azerbaijani insurance company does not intend to get reinsurance license this year

Business Materials 23 June 2014 10:12 (UTC +04:00)

Baku, Azerbaijan, June 23

Azerbaijani insurance company Atesgah Sıgorta does not intend to apply for a reinsurance license in the short term, the company chairman Talat Safarov told Trend on June 20

"There are no such plans this year," he said. "But this issue was discussed within the upcoming strategy of the company's activity for the next three years."

"The company does not intend to increase the authorized capital in the near future," he said.

"At the same time, we will increase the capital of Atesgah Heyat Sıgorta, engaged in life-insurance," he added. "It will be brought to the minimum level required by the central bank in the current year."

The authorized capital of insurance companies, engaged in life insurance, must be 6.5 million manats from January 1, 2015.

This figure must be brought to the level of eight million manats from January 1, 2016, while up to 10 million manats from early 2017.

Atesgah company [established in late 1996] and Atesgah Heyat [established in January 2009] belong to the insurance group of the same name.

Both companies collected 12.44 million manats and 20.24 million manats with payments worth 5.57 million manats and 1.9 million manats in January-May 2014, according to the State Insurance Supervision Service under the Finance Ministry.

The official exchange rate is 0.7843 AZN/USD on June 23.