Azerbaijan establishes Joint Agrarian Insurance Company
By Ayya Lmahamad
Azerbaijan has taken an important step to create a mechanism for agricultural insurance.
Thus, for the first time in the country, a specialized joint insurance company “Joint Agrarian Insurance Company” has been established.
The company will enter into contracts with policyholders, receive complaints about the incidents and manage the system as a whole.
Moreover, the Joint Agrarian Insurance Company was established by seven companies working in the field of insurance, except life insurance in the country. Thus, the founders of the joint venture are Pasha Insurance, Qala Insurance, Mega Insurance, Azerbaijan Industrial Insurance, Xalq Insurance, AZSIGORTA and Baku Insurance.
The authorized capital of the company is set at AZN 2.1 million ($1.2M). The share of each founder is envisaged at the rate of AZN 312,500 ($183,823).
Likewise, the founding companies will act as insurance intermediary companies in the agriculture insurance system.
Additionally, after establishment of "Joint Agrarian Insurance Company", the final application will be submitted to the Central Bank of Azerbaijan for obtaining a license for insurance activities.
It should be noted that the Agrarian Insurance Fund states that other companies engaged in insurance activities in the country, except life insurance, may also participate in the activities of "Joint Agrarian Insurance Company".
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