AZERBAIJAN: Xalq Life Insurance becomes 4th life insurer in the country

The Azerbaijan's Market Supervisory Authority (FIMSA) approved the license of Xalq Life Insurance for insurance activity on March 27, Trend reported.

The new life insurer's charter capital is AZN 15 million (~EUR 7.8 million). Roman VALIYEV, the Deputy Chairman of Xalq Life Insurance, will head the company. The total number of life insurers in the country has increased to four with Xalq Life Insurance, including PASHA Life, Ateshgah Life and Qala Life.

According to FIMSA, as of now, life insurance holds about 15% of the Azerbaijani insurance market.

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