Life insurance payments increase over 6 times in Azerbaijan
Baku, Azerbaijan, Aug.14
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 73.7 million manats (AZN) on all types of life-insurance in January-July 2015, which is approximately 16 percent more compared to the same period last year, the message of Azerbaijan Insurers Association (AIA) said Aug.14.
The official exchange rate for Aug.14 is 1.0485 AZN / USD.
The share of life insurance payments in total volume of payments of 26 insurance companies operating in the country amounted to 26 percent.
Some 57 percent (42 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 31.2 percent (23 million manats) of the total volume of premiums, life insurance in case of death amounted to 10 percent (7.4 million manats), insurance on disability amounted to 12 percent (916,000 manats). The remainder was provided at the expense of life insurance from incurable diseases (376,000 manats).
In January-July 2015, premiums on all types of life insurance have been collected in the amount of 31.4 million manats or 30 percent of the total amount of all fees on the market. This amount increased by 6.5 times compared to the same period of 2014.
Some 90.4 percent, or 28.4 million manats of the total volume of premiums accounted for insurance on survival. Fees on life insurance from accidents at work amounted to 4.75 percent (1.5 million manats), life insurance in case of death - 4.75 percent (1.5 million manats). The remainder was provided at the expense of life insurance from incurable diseases (13,700 manats).
In addition, during the reporting period, 42.6 manats were paid for every 100 manats of fees, in January-July 2014, this figure was 7.6 manats for every 100 manats.
The life-insurance market in the country dates back to 2011.