Bank Of Baku

Gala Life holds first official presentation

Gala Life holds first official presentation
# 27 December 2010 11:15 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Today, a press conference on active operation of Gala Life Insurance Company was held in Baku.

According to Chairman of Board of Directors Abbas Babayev, Gala Life Company has been in operation since 2008, on non-life insurance. In summer, the shareholders of company decided to change its profile to life insurance: “After relevant documentation, the company applied to Ministry of Finance to obtain licence on this type”.

A. Babayev says the staffs have learned the experience of Ukraine, Russia and Georgia. After adoption of the relevant law in Ukraine, Georgia and Russia, the premiums have been increased: “We hope the same for Azerbaijan”.

AzRe Reinsurance Company’s deputy chairman of Board of Directors Vusal Abbasov noted that, AzRe would support Gala Life for development of the company.


According to Abbasov, Gala Life Company’s authorized capital will be reached AZN 5 mln, until 2013.

Note that, Gala Life Insurance Company operates 5 voluntary and 1 compulsory insurance types.
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THE OPERATION IS BEING PERFORMED