Azerbaijan, Baku, Dec.15 / Trend U. Ismaylova /
The Azerbaijani Standard Insurance plans to open a specialized life insurance company, Chairman of the Board of Directors Kamal Ibrahimov said. He did not note the exact date of the new company's establishment. In accordance with the law on insurance activity, only specialized companies can be engaged in life insurance.
There are two companies - Atesgah Heyat and Qala Heyat in the Azerbaijani life insurance market, and the third - Pasa Heyat Sigorta is at the stage of obtaining a license for insurance activity.
"The company has already carried out a number of necessary measures to create a new company," Ibrahimov said.
According to the chairman, Standard Insurance first in the country's insurance market has become engaged in life insurance, and the "first contract of long-term accumulative life insurance was concluded only with our company. "
"At present, we have more than a dozen existing major customers and the same number of potential companies," Ibrahimov said.
Standard Insurance has been operating since 2002. The company provides 28 types of insurance services. The authorized capital of the company is eight million manat. Within 11 months the company collected premiums worth 7.8 million manat, including on life insurance - 231,000 manat, on compulsory insurance - 762,000 manat, and on other voluntary types of insurance - 6.8 million manat. The total amount of insurance payments hit 1.9 million manat.
The official exchange rate is 0.7987 manat to $1.