Baku, Azerbaijan, Mar. 18
By Azad Hasanli - Trend:
Three companies that have the right to engage in life insurance in Azerbaijan - Pasha Life, Ateshgah Life and Qala Life, made payments in the amount of 4.4 million manats (AZN) on all types of life-insurance in January-February 2015, which is approximately 3.2 times more compared to the same period last year, the message of Azerbaijan Insurers Association (AIA) said Mar.18.
The official exchange rate for Mar.18 is 1.0488 AZN / USD.
The share of life insurance payments in total volume of payments of insurance companies operating in the country amounted to 18.3 percent.
Some 73 percent (3.2 million manats) of the total volume of payments on the life insurance market fell on insurance on survival. Payments for insurance against accidents at work amounted to 14.3 percent (629,000 manats) of the total volume of premiums, life insurance in case of death amounted to 12.7 percent (556,000 manats). No payments for life insurance from incurable diseases have been made for the reporting period.
In January-February 2015, premiums on all types of life insurance have been collected in the amount of 19,6 million manats or 19.3 percent of the total amount of all fees on the market. This amount decreased by 13.9 percent compared to the same period of 2014.
Some 51.4 percent, or 10.1 million manats of the total volume of premiums accounted for insurance on survival. Fees on life insurance from accidents at work amounted to 28.5 percent (5.6 million manats), life insurance in case of death - 19.5 percent (3,8 million manats). The remainder was provided at the expense of life insurance from incurable diseases (111,000 manats).
In addition, during the reporting period, 22.4 manats were paid for every 100 manats of fees, in January-February 2014, this figure was 6 manats for every 100 manats.
The life-insurance market in the country dates back to 2011.
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