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Azerbaijan’s life insurance market grows by over 60 per cent

Business Materials 15 May 2013 14:24 (UTC +04:00)

Azerbaijan, Baku, 15 May / Trend A.Akhundov /

Three companies with the right to engage in life insurance in Azerbaijan - Pasha Heyat, Ateshgah Heyat and Qala Heyat, earned 26.68 million manat for all types of life insurance in January-April 2013, which exceeds the figure for the same period last year by 60.72 per cent, the Finance Ministry's report on the activities of insurance companies in January-April 2013 says.

According to the report, the share of life insurance premiums in total fees collected by companies grew from 14.34 per cent to 19.23 per cent.

In January-April 2013, compensation was paid out to the sum of 1.38 million manat, which is almost four times more than the same period last year. The share of these payments in the total pay-out of the insurance market increased during the year from 1.32 per cent to 3.6 per cent.

During the first four months of 2013, the companies collected 12.46 million manat on compulsory insurance against disability resulting from occupational diseases and accidents at work, or 13.89 per cent more than the same period last year.

Premiums for voluntary life insurance over the year rose by 2.51 times and reached 14.22 million manat. Most of the charges in the segment of voluntary life-insurance have fallen to insurance on survival (12.75 million manat), while the remaining part accounted for the life insurance in case of death (1.46 million manat) and insurance from incurable diseases (8,650 manat).

Payments for voluntary life-insurance in January-April exceeded 818,160 manat, while for mandatory insurance over 557,000 manat.

The total premiums of all companies operating in the country in January-April 2013 amounted to 138.71 million an (annual growth of nearly 20 per cent), and payments made during the reporting period totalled 38.21 million (an increase of 44.4 per cent).

The ministry's report does not include the figures for the only reinsurance company AzRE.

The official exchange rate on May 15 is 0.7846 AZN / USD.

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