AZERBAIJAN: QALA Insurance licensed for compulsory personal accident insurance of passengers

QALA Insurance was licensed to provide services on compulsory personal accident insurance of passengers, the Compulsory Insurance Bureau of Azerbaijan (CIB) has announced on its website.

With the new entry, the number of insurers providing this type of services in Azerbaijan has reached three. Along with QALA Insurance, PASHA Insurance and SILK WAY Insurance also render services on compulsory personal accident insurance of passengers.

Earlier, QALA Insurance (former CHARTIS Azerbaijan) was a subsidiary of the international insurance corporation American International Group, Inc. (AIG Inc.). In September 2015, Azerbaijan's AzRe reinsurance company bought CHARTIS Azerbaijan for AZN 6.5 million.

According to Azerbaijan's Financial Market Supervisory Authority (FIMSA), Qala Insurance collected AZN 2.93 million in premiums in January-April 2017 while paying claims worth AZN 15,860. In 2016, QALA Insurance ranked 6th, with a total market share of 6.53% and GWP amounting to AZN 31.74 million, up by almost 40% y-o-y. The total claims paid by the company amounted to AZN 21.96 million in 2016, up by 24.4% y-o-y.

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