Baku, Azerbaijan, June 7
By Anvar Mammadov – Trend:
Azerbaijan’s Qala Insurance OJSC has obtained a license to provide services on compulsory personal accident insurance of passengers, says a message posted on the website of the Compulsory Insurance Bureau (ISB).
Thus, the number of insurance companies rendering services on this type of insurance has reached three in Azerbaijan. Along with Qala Insurance, PASHA Insurance and Silk Way Insurance also render services on compulsory personal accident insurance of passengers.
Earlier, Qala Insurance (former Chartis Azerbaijan) was a subsidiary of the international insurance corporation American International Group, Inc. (AIG Inc.). In September 2015, Azerbaijan’s AzRe reinsurance company bought Chartis Azerbaijan for 6.5 million manats.
According to Azerbaijan’s Financial Market Supervisory Authority (FIMSA), Qala Insurance collected 2.93 million manats in premiums in January-April 2017 and the payment of claims made by the company totaled 15,860 manats.
(1.7022 manats = $1 on June 7)