60 per cent growth in Azerbaijani life insurance market

Business Materials 17 August 2012 13:43 (UTC +04:00)

Azerbaijan, Baku, Aug. 17 / Trend A.Akhundov /

Three companies having the right to trade in life insurance in Azerbaijan - Pasha Heyat, Ateshgah Heyat and Qala Heyat, received 15.486 million manat in premiums from all types of life insurance in January-July 2012. This is higher than the same period last year, up 60.45 per cent, the Azerbaijani Finance Ministry said on Friday.

The share of premiums for life insurance in the total amount of companies' fees decreased over the year from 13.78 per cent to 12.78 per cent.

Payments for these types also increased and compensation standing at 1.909 million manat was paid from January-July 2012 which is 7.95 times more than the same period last year.

The companies collected 17.269 million manat on compulsory insurance of disability resulting from occupational diseases and accidents in January-July 2012. This is higher than the same period last year by 18.85 per cent.

Charges for compulsory life insurance increased 5.58 times over the year to reach 8.484 million manat. Most of the charges in the life insurance segment fell to endowment insurance (6.98 million manat), the rest was provided by life insurance in case of death (1.46 million manat) and insurance from incurable diseases (47,670 manat). Payments for voluntary life insurance in January-July amounted to 1.113 million manat, compulsory - 0.796 million manat.

The total volume of premiums of all companies operating in the country amounted for the first seven months of 2012, to 201.509 million manat (an increase of 73.01 per cent) and payments for the period under review, were carried out at 49.469 million manat (an increase of 51.7 per cent).

The report of the Ministry of Finance of Azerbaijan was unable to give the results of the only reinsurance company AzRE.

The official exchange rate is 0.7854 AZN to $1 on Aug. 17.