BAKU, Azerbaijan, March 15
Trend:
The positive dynamics in collection of accumulative life insurance fees is observed in Azerbaijan, Orkhan Shirinli, deputy chairman of the board of Ateshgah Life Insurance company said in an interview with Trend referring to the report of the Azerbaijani Central Bank.
In January 2020, the Azerbaijani insurance companies collected 13.3 million manat ($7.8 million) in accumulative life insurance, increasing collection by almost 59 percent compared to January 2019, when the fees amounted to 8.3 million manat ($4.9 million).
At the same time, these indicators are by over 600,000 manat ($35,294) more than in January 2019, when the figure amounted to 12.6 million manat ($7.4 million).
This testifies to the positive trend in the development of this type, related to the segment of voluntary life insurance and an increase in interest in it.
This result was achieved as a result of the insurance companies’ review of marketing strategies, the use of an individual approach to attract customers from various categories, the expansion of the tools for selling insurance products, as well as raising the awareness of the population in this sphere, especially in relation to the preferences that this type of insurance gives to the citizens.
The payments for this type increased because usually in January, insurance companies pay bonuses accumulated for the year, and in general, these indicators do not affect the general situation in the market, the experts said.
Only four insurance companies are involved in life insurance in Azerbaijan, namely, PASHA Life Insurance Company, Ateshgah Life Insurance Company, QALA Life Insurance Company and Xalq Life Insurance Company.
Presently, some 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on March 15)