Share of life insurance in Azerbaijani market exceeds 12 per cent

Business Materials 16 March 2012 00:02 (UTC +04:00)

Azerbaijan, Baku, March 15 / Trend A.Akhundov /

Three companies that have the right to engage in life insurance in Azerbaijan, namely Pasha Heyat, Ateshgah Heyat and Qala Heyat, collected in January-February, 2012 for all types of life-insurance 7.231 million manat, which exceeds the figure for January -February, 2011 by 2.8 times, Finance Ministry's report on activities of insurance companies in Jan-Feb, 2012 said.

The share of premiums for life insurance in the total amount of companies' fees grew over the year from 8.05 to 12.27 percent.

Payments for these types also increased: compensation for more than 103,552 manat was paid in Jan-Feb, 2012, which is 7.14 times more than in Jan-Feb, 2011.

For the first two months of 2012 the companies collected 3.185 million manat on compulsory insurance and disability resulting from occupational diseases and accidents. This exceeds the figure for the same period of last year by 1.62 times.

Fees for voluntary life insurance over the year increased by 6.47 times to hit 4.046 million manat. Most of the charges in the life-insurance segment fell to survival insurance (3.824 million manat), the rest was provided by life insurance in case of death (0.22 million manat). Payments for voluntary life insurance in Jan-Feb were made to the amount exceeding 53,171 manat.

The total volume of premiums of all companies operating in the country amounted in Jan-Feb, 2012 to 58.916 million manat (83.77 per cent growth over the year), and payments - 9.55 million manat (growth by 11.5 per cent).

There 28 insurance companies in Azerbaijan.

The official exchange rate is 0.7864 AZN to $1 on March 15.