BAKU, Azerbaijan, Nov. 25
By Sadraddin Agdzhaev – Trend:
Fees for the class of voluntary life insurance in Azerbaijan in 9M2021 increased by 22.5 percent, or 44.353 million manats ($26 million) compared to the same period last year, from 197.36 million ($116.1 million) to 241.711 million manats ($142.2 million), the Central Bank of Azerbaijan (CBA) told Trend.
According to the CBA, the share of accumulative insurance in the total structure of voluntary life insurance amounted to about 85.6 percent, while fees increased by 27 percent or by 44.047 million manats ($26 million) compared to 9M2020 and exceeded 207 million manats ($121.8 million).
Also, the share of death insurance in the total volume of voluntary life insurance amounted to almost 13 percent. Fees for this type of insurance decreased by 6.25 percent, or 2.08 million manats ($1.2 million) on an annualized basis and amounted to 31.171 million manats ($18.3 million) against 33.252 million manats ($19.6 million) a year earlier.
In addition, insurance payments for voluntary life insurance increased over the year by 9.7 percent, or 17.862 million manats ($10.5 million) and reached 202 million manats ($118.8 million) against 184.138 million manats ($108.3 million) in 9M2020. Almost all premiums paid (98.6 percent) accounted for accumulative life insurance - 199.366 million manats ($117 million) increasing by 8.8 percent over the year, or by 16.141 million manats ($9.5 million).
In general, fees on voluntary types of insurance in Azerbaijan in the first nine months of this year increased by 11.5 percent, or 46.292 million manats ($227.2 million) compared to the same period last year - from 401.679 million ($236.3 million) to 447.971 million manats ($264.6 million). Payments in this segment increased over the year by 9.15 percent, or 23.54 million manats ($13.8 million) - from 257.299 million ($151.4 million) to 280.839 million manats ($165.2 million).
It is noted that the life insurance market in Azerbaijan has been operating since 2011. Five companies are licensed to provide life insurance services: PASHA Life, Ateshgah Life, Qala Life, Xalq Life and Mega Life Insurance.
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