Azerbaijan, Baku, July 6 / Trend A.Akhundov /
The life insurance market in Azerbaijan today may grow in 2012 by one-third, Ateshgah Heyat Chairman of the Board Akbar Madatli told Trend on Friday.
Three companies that have the right to engage in life insurance in Azerbaijan, Pasha Heyat, Ateshgah Heyat and Qala Heyat, collected in January-May 2012 for all types of life insurance 20.62 million manat, which exceeds the figure for January-May of last year by 55.3 per cent. In 2011, the charges amounted to 22.55 million manat.
"We expect that the market in 2012 will collect premiums amounting to about 30 million manat. This is a good indicator for the market, even despite the fact that more than half of the charges will fall to compulsory insurance," Madatli said.
He said his company aims for a share of 30 percent of the market.
In the first five months of 2012 the companies collected 14.12 million manat on compulsory insurance and disability resulting from occupational diseases and accidents at work. This is higher than the same period last year by 18.26 percent.
Fees on voluntary life insurance for the year rose 4.85 times and reached 6.504 million manat. Most of the charges in the life insurance segment fell to endowment insurance (5.51 million manat), the rest was provided by life insurance in case of death (0.95 million manat). Payments for voluntary life insurance in January-May were made amounting to 0.235 million manat, compulsory - 0.19 million manat.
The official exchange rate is 0.7856 AZN to $1 on July 6.