BAKU, Azerbaijan, May 18
By Yusif Aghayev – Trend:
Azerbaijani Qala Insurance OJSC launched a new insurance product - “Şərikli Kasko” (Joint CASCO), Trend reports citing the company.
“This insurance product is developed within comprehensive motor vehicle insurance (CASCO). The new product envisages the insurance contract to take effect after a payment is made. The insurance premium arises only in case of an insured event. In the absence of losses during the insurance period, payment of the second part of the insurance premium is not required,” the company said.
As part of 'Joint CASCO', the insurance company presents standard types of coverage for a comprehensive motor vehicle insurance - a traffic accident, fire and explosion, theft, unlawful actions of third parties, natural disasters, etc.
On December 24, 1998, the American International Group (AIG) and the Caspian Insurance Company created a joint venture to insure customers in Azerbaijan and Georgia. The company began operations under the name AIG Caspian Insurance Company. In 2000, the company became a 100-percent subsidiary of AIG.
In 2010, the name of the joint company changed to Chartis Azerbaijan. On September 30, 2015, AzRe Reinsurance, the first and only reinsurance company in Azerbaijan, bought a 100 percent Chartis Azerbaijan’s stock, and after rebranding, the company became known as Qala Insurance OJSC. The company operates in the non-life insurance sector, and has a license to carry out 4 compulsory and 19 voluntary types of insurance.
Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.
