Bank Of Baku

Gala Sighorta may set up an insurance company for life insurance

Gala Sighorta may set up an insurance company for life insurance
# 31 October 2008 09:38 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan’s newly established Gala Sighorta Insurance Company has no plans afoot to establish a separate insurance company for life insurance in 2009, said Abbas Babayev, Chairman of the Board.
“The issue of qualified personnel is very complex. Life insurance services have not well developed in our country, compared to nonlife insurance. However, the government has recently begun to attach great importance to this segment. From this perspective, we don’t rule out the probability of setting up a life insurance company in a few years,” he added.
By Insurance Law, an insurance company is not allowed to provide both life and non-life insurance services.
Gala Sighorta was issued a termless license by the Ministry of Finance on July 31, 2008.
The company is owned by AzRe Reinsurance Company (60%) and an individual (40%).
As of October 1, it earned AZN 20 000 in premiums. The company’s share capital is AZN 1 million at present.
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