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Vagif Hasanov: Life insurance service is not profitable

Vagif Hasanov: Life insurance service is not profitable

09 October 2009 12:45 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerbaijan-based Qarant Sigorta Insurance Company has not plans to launch a life insurance company because this service is not profitable, said Vagif Hasanov, chairman of the Company.

According to him, the lack of profitability makes no sense in providing this service.

Under the insurance law, life insurance services may not be provided by non-life insurance companies.

Ateshgah Life Insurance is the only specialized company in Azerbaijan.

Qarant Sigorta, part of ZQAN Holding, has been in operation since November 2007. Its fixed capital is AZN 4 million.

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