Baku, Azerbaijan, April 17
By Kheyraddin Nasirzade - Trend:
The new insurance company Xalq Life Insurance will start operations in Azerbaijan in the near future, a source in the company told Trend.
The source noted that the work is underway to obtain a number of documents, and after that the company will begin its activities. Tentatively, Xalq Life Insurance will begin operating next week, according to the source.
The main types of insurance services rendered by the company at the beginning will include compulsory insurance against accidents at work and occupational diseases, as well as life insurance of citizens who take mortgage loans. In the future, the company will provide survival insurance and other types of life insurance.
In March 2019, Xalq Life Insurance received a license from the Financial Market Supervisory Authority of Azerbaijan (FIMSA) to carry out life insurance activities. The company’s authorized capital is 15 million manats, the board of the company is led by Roman Valiyev, who holds the position of deputy chairman at Xalq Insurance.
The life insurance market in Azerbaijan has its history since 2011. So far, the companies PASHA Life, Ateshgah Life and Qala Life have provided life insurance services.
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