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Life insurance market may increase by 30mln manat in Azerbaijan in 2011

Business Materials 21 May 2011 12:49

Azerbaijan, Baku, May 20 /Trend, A.Akhundov/

Life insurance market of Azerbaijan may increase by 30 million manat in 2011, executive director of Azerbaijan Insurers Association (AIA) Azer Aliyev told Trend.

"Even before the adoption of the law on compulsory insurance on labor ability loss in production, we forecasted the growth of the life insurance market in an average of 30 million manat. These calculations were made taking into account 1.2-1.5 million working people," said Aliyev.

In July 2010 the President of Azerbaijan Ilham Aliyev approved the law on compulsory insurance on labor ability loss in production. "Currently, the Parliament of Azerbaijan in the third reading discusses the bill on compulsory insurances."

In January-April 2011 the premiums of the Azerbaijani insurance companies on life insurance were about 10 million manat (8.7 million manat from compulsory insurance on labor ability loss in production, - 1.15 million voluntary life insurance), whereas in 2010, life insurance premiums amounted to 1.457 million manat.

According to Aliyev, about 20 million manat will be possibly collected by the end of the year.
Only three companies - Atesgah Heyat, PASA Heyat Sıgorta and Qala Heyat - render life insurance services.

In total, there are 28 insurance and one reinsurance company in Azerbaijan.

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