Life insurance market increases in Azerbaijan
Baku, Azerbaijan, Dec.29
By Azad Hasanli - Trend:
Three companies that have the right to engage in life insurance in Azerbaijan - Pasha Life, Ateshgah Life and Qala Life, have collected 105.3 million manats (AZN) on all types of life-insurance in January-November 2015, which is approximately 14.8 percent more compared to the same period last year, the message of Azerbaijan Insurers Association (AIA) said Dec.29.
The official exchange rate for Dec.29 is 1.5578 AZN/USD.
The share of life insurance payments in total volume of payments of 26 insurance companies operating in the country amounted to 26.1 percent.
Some 59.2 percent (62.3 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 27.1 percent (28.6 million manats) of the total volume of premiums, life insurance in case of death amounted to 12.3 percent (12.9 million manats), insurance on disability amounted to 1 percent (1.1 million manats). The remainder was provided at the expense of life insurance from incurable diseases (390,000 manats).
In January-November 2015, payments on all types of life insurance have been collected in the amount of 42.7 million manats or 27.1 percent of the total amount of all fees on the market. This amount increased by 59.2 percent times compared to the same period of 2014.
Some 90.6 percent, or 38.7 million manats of the total volume of premiums accounted for insurance on survival. Fees on life insurance from accidents at work amounted to 4.7 percent (2 million manats), life insurance in case of death - 4.7 percent (2 million manats). The remainder was provided at the expense of life insurance from incurable diseases (13,700 manats).
In addition, during the reporting period, 40.6 manats were paid for every 100 manats of fees, in January-November 2014, this figure was 29.3 manats for every 100 manats.
The life-insurance market in the country dates back to 2011.