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AzSigorta to set up a life insurer next year

12 June 2009 13:25 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based AzSigorta Insurance Company will establish its life insurance company in 2010, said Khayal Mammadkhanli, Deputy Chairman of the Company.

According to him, the establishment of a life insurance company is unrealistic this year due to global economic crisis.

â€œThis process will be launched after January next year. The shareholders have already reached a tentative agreement on the allocation of 5 million manats for capitalization of the new company,â€ he added.

AzSÄ±gorta has been in operation since December 2006. The company provides services for 25 types of voluntary and 3 types of compulsory insurance.

It has 7 branches and more than 40 offices across the country.

AzSigorta earned 4 million manats in premiums and paid 1.338 million manats for insurance claims during January-April.