Another company receives license for providing life insurance in Azerbaijan

By  Trend

The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has issued a license for Xalq Life Insurance to provide life insurance services, a source at the financial market of the country told Trend.

Xalq Life Insurance will be the fourth company providing life insurance services in Azerbaijan. To date, these services have been provided by PASHA Life, Ateshgah Life and Qala Life.

Xalq Life Insurance appealed to the regulator to obtain a license in November, 2018. The company's authorized capital is 15 million manat, and is headed by Roman Valiyev, deputy chairman of Xalq Insurance.

According to the FIMSA, in January 2019, the life insurance market in Azerbaijan amounted to 13.78 million manats, which is 25.4 percent less compared to January 2018. Life insurance accounts for over 15 percent of the country's insurance market.

(1 USD = 1.7 AZN on March 28)