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Azerbaijani life insurance market to rise by almost 70 per cent in a year

Business Materials 26 September 2012 13:08
Three companies eligible for life insurance in Azerbaijan – Pasha Heyat, Ateshgah and Qala Heyat have collected 28.614 million manats on all types of life insurance in January-August, 2012, which exceeds the indicators for the same period last year by 68.87.

Azerbaijan, Baku, Sept. 26 /Trend A. Akhundov/

Three companies eligible for life insurance in Azerbaijan - Pasha Heyat, Ateshgah and Qala Heyat have collected 28.614 million manats on all types of life insurance in January-August, 2012, which exceeds the indicators for the same period last year by 68.87.

This was noted in the report of Azerbaijani Ministry of Finance on the activity of insurance companies in January-August of 2012, published on Friday.

However, the share of life insurance premiums in the general volume of company fees has fallen from 12.6 to 12.5 per cent within a year.

Compensation amounting to 3.66 million manats has been paid in January-August of 2012, which is 12.92 times more than the figures for the same period last year.

19.148 million manats was collected on the mandatory insurance of disability resulting from professional diseases and accidents at work within the first eight months of 2012. These figures exceed the indicators for the same period of last year by 29.04 per cent.

The fees on voluntary life insurance have increased by 5.45 times within a year to reach 9.466 million manats. Most of the fees in the life insurance field fall to the share of insurance on survival (7.61 million manats), the rest of the fees are covered by life insurance in the case of death (1.77 million manats) and insurance from incurable deseases (84.05 thousand manats). The fees on voluntary types of life insurance in August-January were paid to the sum of 2.79 million manats and on legally required insurance- 0.868 million manats.

The total volume of premiums of all companies acting in the country amounted to 228.87 million manats according to the totals of first eight months of 2012, an increase of 70.24 per cent within a year, whilst the fees during the same period amounted to 58.76 million manats, an increase of 62.1 per cent.

The report of the Ministry of Finance didn't mention the activity totals of the only reinsurance company in the country, AzRE.

The official exchange rate as of Sept. 25 is 0,7853 AZN/USD.

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