Market participant: Fees for life insurance in Azerbaijan may reach non-life level for next 5 years

Azerbaijan, Baku, July 23 / Trend A. Akhundov /

It is possible that the fees on life insurance in Azerbaijan will amount to the fees for other types of insurance for the next five years, chairman of Atesgah Heyat's board Akbar Madatli said.

At present, there are three life insurance companies in Azerbaijan having licenses - Atesgah Heyat, Qala Heyat and Pasa Heyat.

"We follow the same trend," he said. "I think that the situation will be similar in Azerbaijan."

The total amount of premiums for voluntary life insurance amounted to 1.52 million manat. The Azerbaijani insurance companies' premium for compulsory insurance and disability, resulting from occupational diseases and accidents at work, was 12.938 million manat in the first half of 2011.

The potential market for compulsory insurance is estimated at about 30 million manat. The existing three companies have covered almost half of the market in six months.
However, there was a sharp slowdown in fees for compulsory insurance against accidents in June.

June fees exceeded that of January-May by 8.35 percent, while fees in May increased by 37.12 percent compared to January-April. In April fees rose by 46.13 percent compared to January-March. In March the figure exceeded threefold compared to January and February.

The use of the labor insurance service began in December 2010 with about 14,000 enterprises insuring workers.

According to the recent reports, Atesgah Heyat's customers were more than 6,000 enterprises, Qala Heyat - about 7,500, Pasa Heyat - 300.

Despite the fact that Pasa Heyat is behind most life-insurance companies in terms of clientele, legal entities are insured with compulsory insurance against disability in the workplace. In terms of fees, the company is a leader in the Azerbaijani insurance market.

According to the State Insurance Supervision Service under the Azerbaijani Ministry of Finance, Pasa Heyat collected premiums amounting to 6.218 million manat in the first half of the year, taking 43 percent of the life insurance market and 6.33 percent of the total insurance market in the country. Atesgah Heyat Company collected 4.613 million manat. About 31.9 and 4.69 percent fall to the company. Qala Heyat collected 3.542 million manat. About 24.5 and 3.6 percent fall to this company.

About 0.6 percent of the life insurance market (worth about 85,000 manat) is given to portfolios of life-insurance companies which provide similar services before a three-year moratorium expires in late March this year. The company indicates that only specialized companies deal with life insurance.

The chairman of Atesgah Həyat company Akbar Madatli said that three companies will cover no more than 70 percent of the potential market of compulsory life insurance by late 2011.

At present, the State Insurance Supervision Service is considering appeals for establishing a life insurance company. The appeals were received from AzSıgorta, Alfa Sıgorta, Ata Sıgorta, and Standard Insurance. The International Insurance Company and "Azerbaycan Senaye Sıgorta" have similar plans.

Albanian parliament OKs 650-mln-euro Eurobond
Albanian parliament OKs 650-mln-euro Eurobond
Vaccines group raises $8.8 billion for immunisation plans for poor countries
Vaccines group raises $8.8 billion for immunisation plans for poor countries
IFC co-ops with Uzbekistan on planning of future projects
IFC co-ops with Uzbekistan on planning of future projects
Loading Bars
Latest
Portugese PM announces plan to ease economic blow from COVID-19
Sweden to lift domestic travel restrictions, but remain cautious
New York's Cuomo, concerned about COVID-19 spread, asks protesters to get tested
Germany will require all petrol stations to provide electric car charging
Somalia set to resume domestic flights
Around 5.2 pct of Spanish population infected by coronavirus: study
Albanian parliament OKs 650-mln-euro Eurobond
Jordan to open most economic sectors, further ease movement restrictions
Vaccines group raises $8.8 billion for immunisation plans for poor countries
OPEC+ has encouraging signs of rising conformity, says Barkindo
Eni creates two new business groups
Barkindo: 2020 oil demand to return to levels before 2014-2016 market downturn
IFC co-ops with Uzbekistan on planning of future projects
20-odd airlines to resume flights to and from Cyprus
India pledges 15 million USD to international vaccine alliance
Baku expected to hold European Championships in Men's and Women’s Artistic Gymnastics in late 2020
UN Office on Drugs and Crime, Turkmenistan discuss joint projects
Demand from banks at foreign exchange auction decreases in Azerbaijan
Georgia takes steps to foster development of local businesses
Turkey plans to resume flights with Azerbaijan soon
WHO mission to visit Turkmenistan
Cashless transactions in Azerbaijan on rise from Mar. through Apr. 2020
GNERC reveals market share of Georgian mobile operators
Representatives of diplomatic corps in Azerbaijan may work on weekends
GNERC reveals number of mobile subscribers in Georgia
Online payments grow in Kazakhstan
Global expenditures of oil & gas exploration to decline
COVID-related economic consequences to test Kazakhstan insurers' resilience
TABIB: Decision, rules related to international flights to be announced soon in Azerbaijan
Turkey's export of electrical goods from Jan. through May 2020 drops
11 insurers increase payment of insurance claims in Azerbaijan
Azerbaijani Operational Headquarters: Domestic flights may be renewed in coming days
Android OS ranks first in Azerbaijani market albeit with lower percentage
Uzbekistan's Ministry of Energy, EBRD developing low carbon energy strategy
Georgia implements new agricultural project
Azerbaijan's Elektrogas LLC unveils plans on manufacturing combi devices
Azerbaijan records multi-fold increase in online sales amid COVID-19
Kazakhstan's state commission to prepare strategic development plan till 2025
TABIB recommends journalists, other employees of news agencies in Azerbaijan to work from home
Georgia records over 150 cases of illegal logging
12 insurance companies reduced collection of premiums in Azerbaijan in April 2020
Kazakhstan's Agrarian Credit Corporation makes decision on dividend payments
Turkish ministry discloses volume of crude oil transshipped via local ports
All pharmacies, stores to be closed in some Azerbaijan's cities on weekend
Two-three-day restrictions may be introduced during following weekends in Azerbaijan
German auto stimulus to boost VW's electric push
Russia's Eximbank opens correspondent accounts for Uzbek banks
Georgia works with foreign experts on post-crisis economic plan
TAP announces changes in market test schedule
Production volume, cost of panel radiators in Azerbaijan announced
Nine Azerbaijani insurers increase collection of premiums in April 2020
Azerbaijan's Elektrogas talks opening of plant for manufacturing heating equipment
Uzbekistan reveals data on future projects in Syrdarya region
Data on naphtha shipment via Turkish ports from Jan. through Apr. 2020 revealed
Azerbaijan reports 262 new COVID-19 cases
Supply of gas to remote areas of Turkmenistan's Dashoguz region increasing
Baku Stock Exchange holds auction on placement of Central Bank's notes
Russian ETN-Cyclone commissions coal chemical plant in Kazakhstan
UNICEF Uzbekistan opens tender for purchase of off-road vehicles
Iranian president inaugurates 8 water, power projects
EU supports Azerbaijan's integration to green economy - FAO
AIIB may co-fund COVID-19 response, expenditure support program in Kazakhstan
Fitch affirms three private banks of Uzbekistan with Stable outlooks
Ireland seeks health officials' backing to speed up reopening plan
Spain maps route for late June tourism opening
France says German recovery plan 'good news', French plan due soon
Uzbekistan sends another batch of wild cherries to South Korea
Stock market expert outlines low-risk sectors in Iran
Residents of some Azerbaijan’s cities may leave homes upon special permission
Uzbekistan issues first license for wholesale of alcohol products
BP, SOCAR agreed on transition period for SCP operatorship
Azerbaijan announces allowed activities during strengthened quarantine
Spain's lower house opens process to create digital tax on internet giants
Kazakhstan's oil & gas company opens tender for oil waste processing
Kazakh-Chinese company to buy spare parts for pumps via tender
Azerbaijani PM appeals to population due to sharp increase in number of cases of coronavirus infection
Azerbaijan's PM talks new restrictions due to spike in COVID-19 infections
Geostat: Trade sector has highest share in total turnover of Georgia's business sector
Amazon in talks to buy $2 billion stake in Indian telco Bharti Airtel
Central Bank of Azerbaijan unveils value of deposits in national currency
Customs service of Turkmenistan improves export control
Total purchases of goods and services by Georgian enterprises up
Azerbaijani Mortgage and Credit Guarantee Fund discloses number of apartments rented by citizens
Azerbaijan to tighten quarantine regime in some cities
Uzbekistan creates inter-parliamentary groups with France, Belgium
Uzbekistan to create joint project institute with South Korean company
Georgia reveals amount of funds to pay debt
Kazakhstan to revisit investment projects pool to up funds attraction
Azerbaijani MP says quarantine regime may be re-applied due to increase in infection cases
Turkey unveils data on cargo transshipment through Istanbul port
Iran reveals its COVID-19 data for June 4
Kazakh company launches camel milk export to China
Azerbaijan discloses data on payments in insurance market for April 2020
Exports from Mexico to Azerbaijan increase 225.49% in first quarter of 2020
LVMH has explored coronavirus impact on Tiffany deal terms
Foreign investments in Uzbekistan grow
Saudi Aramco to delay July OSPs pending OPEC+ meeting
German economy should reach pre-crisis level in H2 2022
OPEC+ may meet this week if laggards agree to comply
Azerbaijani Azexport portal to launch contactless delivery service
All news