BAKU, Azerbaijan, Feb. 25
By Elnur Baghishov – Trend:
Azerbaijan’s Gunay Sigorta OJSC insurance company has joined the Listing Consulting Program (LMP), which promotes the development of the capital market and provides free information and consulting services to issuers in this area, Trend reports referring to the BSE.
A memorandum of cooperation was signed between Baku Stock Exchange (BSE) and Gunay Sıgorta OJSC.
The main goal of the program is to help companies that wish to issue securities, raise funds from capital markets on favorable terms. Companies can cooperate with the BSE by joining the program both as an issuer and as a partner.
Companies participating in this program will be able to offer their services to issuers at a discount. Thus, a sustainable system is being created within the framework of LMP, in which companies that have joined as issuers can prepare for the issue of securities and also participate in it as partners in various fields.
According to the memorandum, Gunay Sigorta will cooperate with the Baku Stock Exchange to provide preferential insurance and advisory services to companies that have joined the system as part of the Listing Advisory Program (LMP).
Gunay Sigorta OJSC is one of the first insurance companies in independent Azerbaijan. The company began operations in 1992.
The authorized capital of the company is 7.7 million manat ($4.5 million), it has a license to carry out 19 voluntary and four compulsory types of insurance.
In 2019, the company collected insurance premiums in the amount of 7.2 million manat ($4.2 million) and paid insurance claims in the amount of 1.89 million manat ($1.1 million), taking 15th place in the ranking of Azerbaijani insurance companies.
In general, insurance companies of Azerbaijan collected insurance premiums in the amount of 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.4 million) or 6.4 percent less than in 2018 and paid insurance claims in the amount of 301.5 million manat ($177.3 million), which is 61.2 million manat ($36 million) or 25.4 percent more than in 2018.
Currently, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on Feb. 25)\
