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Azerbaijan’s life insurance market grows

Business Materials 28 April 2017 11:18 (UTC +04:00)

Baku, Azerbaijan, Apr. 28

By Azad Hasanli – Trend:

Azerbaijan’s life insurance market totaled almost 44.57 million manats in 1Q17 that is by 17.3 percent more than in the same period of 2016, the Financial Market Supervisory Authority (FIMSA) said in a report.

Three companies – PASHA Life, Ateshgah Life and Qala Life – have licenses for rendering life insurance services in Azerbaijan.

Share of these companies in total premiums collected by insurance companies in Azerbaijan was almost 30 percent in the period.

In January-March 2017, payment of claims by these companies on all types of life insurance amounted to 26.24 million manats or 52.7 percent of all payments in the market (an increase by almost 15 percent in a year).

(1.7025 manats = $1 on Apr. 28)

Comparative table of premiums and payments on life insurance market, January-March 2017

Types of life insurance

Premiums (in manats)

Share (%)

Payment of claims (in manats)

Share (%)

Life insurance

44,565,246.45

100

31,788,256.59

100

Including:

Death insurance

4,981,733.02

11.2

677,313.68

2.13

Endowment insurance

28,950,939.15

64.95

30,321,270.22

95.4

Disability insurance

204,866.5

0.46

-

-

Insurance against incurable diseases

28,785.89

0.06

5,000

0.01

Compulsory insurance on labor ability loss

10,398,921.89

23.3

784,672.69

2.5

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