Azernews.Az

Azerbaijani insurer Ateshgah Life has won a tender announced by BP Azerbaijan to provide insurance to the oil major’s employees disabled by industrial accidents and occupational diseases, the company said Wednesday.

Ateshgah Life, which is part of Ateshgah Insurance Group, was the first life insurance company registered in Azerbaijan as well as the first company which obtained an unlimited license for insurance, according to the mandatory insurance law that has been in effect since December 2010.

Ateshgah Life provides services for such life insurance products as term life insurance, endowment insurance, annuity insurance, critical illness insurance and compulsory disability insurance as a result of industrial accidents and occupational diseases.

Ateshgah Insurance Company was founded in 1996 and in 1997 it obtained a license for insurance activities. Azerbaijan’s state oil company SOCAR, ISR HOLDING and RAN - Eksim are the shareholders of the company.

As of the end of 2010, Ateshgah Insurance Group ranked third among Azerbaijan’s insurance companies. The Group’s premiums last year amounted to 15.6 million manats (over $19.7 million) and the payouts made up 5.3 million manats ($6.7 million). It provides more than 30 types of insurance.